You estimated a single regression relating the annual bonus given to employees of big corporations to the age of those employees. Your simple regression shows a positive value for the slope coefficient. You are absolutely convinced that the true effect of age on bonus amount is negative, so you think you have an omitted variable bias. If you are correct, which of the following is true about the omitted variable? There is some (omitted) variable that positively affects bonus amount and that is positively correlated with age. There is some (omitted) variable that negatively affects bonus amount and that is completely uncorrelated with age. There is some (omitted) variable that positively affects bonus amount and that is negatively correlated with age. There is some (omitted) variable that positively affects bonus amount and that is completely uncorrelated with age.

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A:

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Q: 7. Why is the strength of the correlation between Y and X important in regression analysis?

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