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What are other Independent variables (control variables) that I can add to my multiple linear regression...

What are other Independent variables (control variables) that I can add to my multiple linear regression model that is supposed to examine the relationship of several independent variables on the "Happiness Index" At the Moment, I have "Hours worked", "GDP per Capita", "Unemployment rate", "Literacy rate" and "Divorce rate". But what are other possibilities?

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Answer #1

The other Independent variables that you can add in this regard are:

1. Annual Income/Monthly Income

2. Housing/Infrastructure

3. Work/Nature of work

4. Civic Engagement

5.Educational Qualification

6. Environment

7. Health Conditions

8. Life Satisfaction

9. Safety

10. Work -Life balance and so on...

Most of these data are categorical and hence, a sample should be chosen and then ask them to rate the above parameters an a predetermined scale. The ratings can be used for further analysis.

Refer the values of R squared and the R squared (adjusted) in this regard. These parameters are available in the output of the multiple regression or can be calculated manually. There shouldn't be much difference between these two parameters. If the difference is more than 8 to 12% then you need to either add more variable or reduce some in order to bring them close.

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