(Solved): Please fill in the blanks. Suppose an unobserved effects model of men's wages is estimated using ...

Suppose an unobserved effects model of men's wages is estimated using pooled OLS, random effects (RE), and fixed effects (FE) estimation with a panel data set. The independent variables control for education, ethnicity, and work experience. married is a binary variable equal to 1 if the individual is married and 0 otherwise. union is a binary variable equal to 1 if the individual belongs to a union and 0 otherwise. The results of the three estimations are summarized in the following table. Three Different Estimators of a Wage Equation Dependent Variable: log(wage) Note: Standard errors of each estimate are provided in parenthesis below estimates. Assume inherent ability is the only source of unobserved, time-constant heterogeneity across individuals. That is, inherent ability level for individual $i$ is equivalent to $a$. Thus, the composite error for the unobserved effects model, before any transformation, is $v_i=abilit{y}_j+u_{it}$ Assume all independent variables are uncorrelated with the idiosyncratic errors, $u_{it}$. Critical values for different significance levels are: Given the above information answer the following questions. Round your results to two decimal places when necessary. Note that in the paragraph below union_it $=$ union ${}_{it}$, ability_i $=$ ability ${}_i$. Given the abeve information answer the following questions. Round your results to two decimal places when necessary: Note that in the paragraph below union it inion it ${}_{\text{ability }}$ ibility Although impossible to observe in reality, suppose flift Cov(maried it, ability h) 0 . Given the relationship between manted it and ability i, the model should he best estriated bya $\mathrm{model}$ due to belonging to a union, relative to those who do hot) is 5 , Berecne sine its test statistic is equ.d to af $5\%$