Assignment Task
Overview
Congratulations! The prestigious consulting firm of Gu’s Econometric Consulting Services (GECS) has hired you. Your first task involves providing econometric advice and analysis in an ongoing legal case in Sydney, Australia. A chemical firm (ChemXcom) has been found guilty of various offences under the Federal Government’s Environment Protection and Biodiversity Conservation Act. These offences relate to illegal dumping of chemicals and the resultant pollution associated with one of the firm’s plants in a particular area in the outer suburbs of Sydney over the period 2008 to 2011. While guilt has been determined, the Court has not yet assessed damages. One aspect of damages is a claim for compensation being made by people in the affected community where the evidence being presented is in terms of the alleged impact on housing prices. Not surprisingly in such cases, there is considerable disagreement between both sides of the case in terms of the amount of damages. Again, ChemXcom has accepted the guilty verdict and they do not intend to appeal. The case is now about quantum – how
much will the firm be liable for in terms of damages? The judge in the case is not convinced that the damages amount to $48,000 per household, which is the initial claim submitted by the plaintiffs. She is also not satisfied
with the quality of the econometric work produced by Cowgate Consulting Group (CCG) on behalf of the defendant. She has called in GECS to act as the independent arbitrator who will report directly to her. In outlining what is required, the judge has stressed that the central question to be addressed is:
Attachment 2: CCG Data
- The Stata file Main_CCGdata.dta stores the data used in the CCG report. You will find
- 142 observations on 11 variables, which include:
- id: a house identifier
- yr: year of sale
- area: area of house (square meters)
- size: size of block of land (square meters)
- age: age of house (years)
- distance: distance of house from ChemXcom plant (kilometers)
- rooms: number of rooms in house
- brooms: number of bathrooms in house
- crate: neighbourhood crime rate (annual number of offences per 1000 people)
- air: annual air quality index
- price: real sale price of house (in ‘000s of 2010 dollars).
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