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Monday, January 31, 2005

How much data is too much data?

A project between Robert Sonora and myself is on the verge of expansion. How much of an expansion? Here is the summary of data describing one year (we will eventually use four or five different years):

Variable | Obs Mean Std. Dev. Min Max
year | 637812 1990 0 1990 1990
ecode | 0
exporter | 0
icode | 0
importer | 0
sitc4 | 0
unit | 0
dot | 466421 1.219941 .4142067 1 2
value | 637812 19667.3 387015.6 0 2.12e+08
quantity | 450819 767928.6 6.00e+07 .007 1.57e+10

I won't let the cat out of bag, so to speak, but 637,812 observations in one year? We might be able to cull this down to a couple hundred thousand per year, but even then I think we will have plenty of degrees of freedom.

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