Solution: I assume there are 5 levels for the variable policy. The levels are:
The variable with 5 levels needs to have 4 dummy variables. We need to one base category and let's keep the level = 0 as the base category.
The data for the model will be like below mentioned:
Assumed data:
Export | Adoption | D1 | D2 | D3 | D4 |
56 | 2.9 | 0 | 0 | 0 | 0 |
86 | 6.2 | 1 | 0 | 0 | 0 |
53 | 2.8 | 0 | 1 | 0 | 0 |
66 | 3.3 | 0 | 0 | 1 | 0 |
72 | 5.2 | 0 | 0 | 0 | 1 |
All D1, D2, D3 and D4 equal to zero means the policy is at base level 0
D1 = 1, D2=D3=D4 = 0 indicates the policy is at level 1
D2=1, D1=D3=D4=0 indicates the policy is at level 2
D3 = 1, D1=D2=D4 = 0 indicates the policy is at level 3
D4 = 1, D1=D2=D3 = 0 indicates the policy is at level 4
How do i create a dummy variable, for example, i have 1 policy, under this policy,...
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