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| Assumptions | Name of tests | Statistics |
|---|---|---|
| Normal distribution of error terms | Jarque–Bera test | 1.076 |
| Constant variance in error terms (homoscedasticity) | Breusch–Pagan–Godfrey test | 0.290 |
|
No correlation among error terms (no autocorrelation) |
Breusch–Godfrey test | 4.609** |
** indicates statistical significance at the five percent level
