LASSO Regression using Panel Data












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I have panel data for 3 countries, ranging over 3 years. The dataset is called CarProduction



Country    Year       cars       Fuel_price     PPP      Manufact      PublicTransport

USA 2015 500 5 10000 9 2
USA 2016 700 5.2 10500 8.75 2.2
USA 2017 780 5.4 11000 8.6 1.9
China 2015 150 9 4000 11 3
China 2016 200 8.6 4500 11.5 4
China 2017 340 9.4 6000 15.6 5
Italy 2015 200 9 4000 11 5
Italy 2016 300 8.6 4500 11.5 6.2
Italy 2017 440 9.4 6000 15.6 6.7


I know that the glmnet package can be used in R to run a LASSO regression.



Considering that I have panel data, how do I run LASSO regression on panel data?



I will be implementing OLS for comparison purposes. This is the regression I would ordinarily run, accounting for fixed effects:



ans <- plm(cars ~ Fuel_price+PPP+Manufact+PublicTransport, data=CarProduction, model="within")








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    $begingroup$


    I have panel data for 3 countries, ranging over 3 years. The dataset is called CarProduction



    Country    Year       cars       Fuel_price     PPP      Manufact      PublicTransport

    USA 2015 500 5 10000 9 2
    USA 2016 700 5.2 10500 8.75 2.2
    USA 2017 780 5.4 11000 8.6 1.9
    China 2015 150 9 4000 11 3
    China 2016 200 8.6 4500 11.5 4
    China 2017 340 9.4 6000 15.6 5
    Italy 2015 200 9 4000 11 5
    Italy 2016 300 8.6 4500 11.5 6.2
    Italy 2017 440 9.4 6000 15.6 6.7


    I know that the glmnet package can be used in R to run a LASSO regression.



    Considering that I have panel data, how do I run LASSO regression on panel data?



    I will be implementing OLS for comparison purposes. This is the regression I would ordinarily run, accounting for fixed effects:



    ans <- plm(cars ~ Fuel_price+PPP+Manufact+PublicTransport, data=CarProduction, model="within")








    share







    New contributor




    Jyothsna Harithsa is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
    Check out our Code of Conduct.







    $endgroup$















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      $begingroup$


      I have panel data for 3 countries, ranging over 3 years. The dataset is called CarProduction



      Country    Year       cars       Fuel_price     PPP      Manufact      PublicTransport

      USA 2015 500 5 10000 9 2
      USA 2016 700 5.2 10500 8.75 2.2
      USA 2017 780 5.4 11000 8.6 1.9
      China 2015 150 9 4000 11 3
      China 2016 200 8.6 4500 11.5 4
      China 2017 340 9.4 6000 15.6 5
      Italy 2015 200 9 4000 11 5
      Italy 2016 300 8.6 4500 11.5 6.2
      Italy 2017 440 9.4 6000 15.6 6.7


      I know that the glmnet package can be used in R to run a LASSO regression.



      Considering that I have panel data, how do I run LASSO regression on panel data?



      I will be implementing OLS for comparison purposes. This is the regression I would ordinarily run, accounting for fixed effects:



      ans <- plm(cars ~ Fuel_price+PPP+Manufact+PublicTransport, data=CarProduction, model="within")








      share







      New contributor




      Jyothsna Harithsa is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
      Check out our Code of Conduct.







      $endgroup$




      I have panel data for 3 countries, ranging over 3 years. The dataset is called CarProduction



      Country    Year       cars       Fuel_price     PPP      Manufact      PublicTransport

      USA 2015 500 5 10000 9 2
      USA 2016 700 5.2 10500 8.75 2.2
      USA 2017 780 5.4 11000 8.6 1.9
      China 2015 150 9 4000 11 3
      China 2016 200 8.6 4500 11.5 4
      China 2017 340 9.4 6000 15.6 5
      Italy 2015 200 9 4000 11 5
      Italy 2016 300 8.6 4500 11.5 6.2
      Italy 2017 440 9.4 6000 15.6 6.7


      I know that the glmnet package can be used in R to run a LASSO regression.



      Considering that I have panel data, how do I run LASSO regression on panel data?



      I will be implementing OLS for comparison purposes. This is the regression I would ordinarily run, accounting for fixed effects:



      ans <- plm(cars ~ Fuel_price+PPP+Manufact+PublicTransport, data=CarProduction, model="within")






      machine-learning r glm





      share







      New contributor




      Jyothsna Harithsa is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
      Check out our Code of Conduct.










      share







      New contributor




      Jyothsna Harithsa is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
      Check out our Code of Conduct.








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      Jyothsna Harithsa is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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      Jyothsna HarithsaJyothsna Harithsa

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      New contributor





      Jyothsna Harithsa is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
      Check out our Code of Conduct.






      Jyothsna Harithsa is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
      Check out our Code of Conduct.






















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