I am analysing the effect of the Euro 2016 tournament on nights spent in hotels by non-residents. To model this effect I am using an AR(3) model with a dummy variable that takes the value 1 just once on the month of the tournament. I am wondering how the statistical significance of this variable would be calculated. Can anyone help?
Are you asking how it's interpreted or how it's calculated? These are two differnet things.
As for interpretation, it has the same meaning as any other dummy variable. If it has a positive association with the outcome variable (nights spent in hotels by non-residents), that would mean the outcome variable is higher when the variable is 1 than when the variable is 0 (i.e., there were more hotel stays in that month than in other months). If it has a negative association, it means the outcome variable is lower.
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