Discuss the findings and evaluate the models.

Variable Definitions Variable Definition vio violent crime rate (incidents per 100,000 members of the population) rob robbery rate (incidents per 100,000) mur murder rate (incidents per 100,000) shall = 1 if the state has a shall-carry law in effect in that year = 0 otherwise incarc rate incarceration rate in the state in the previous year (sentenced prisoners per 100,000 residents; value for the previous year) density population per square mile of land area, divided by 1000 avginc real per capita personal income in the state, in thousands of dollars pop state population, in millions of people pm1029 percent of state population that is male, ages 10 to 29 pw1064 percent of state population that is white, ages 10 to 64 pb1064 percent of state population that is black, ages 10 to 64 stateid ID number of states (Alabama = 1, Alaska = 2, etc.) year Year (1977-1999)Vio Lwage vio OLS instrumental panel variable linear (1) (2) (3) (4) shall -161 . 187* * -18.575 -49.962* * * (22.275) (11.563) (13.426) educ 0. 059* (0. 035) incarc_rate 0. 097* 0.972*** (0. 057) (0.046) density -155.954* * * 76.775*** (52.118) (5.561) avginc -4. 067 9.164* * * (3.621) (3.173) pop 12.244** 17.487*** (5.347) (1.006) pb1064 12. 808 14. 867** (10.883) (7.268) pw1064 10.323* * 4.279 (3.110) (3.638) pm1029 -23. 864* * * -9.150 (3.925) (6.983) Constant 542 . 238* * * 0.441 (10.980) (0. 446) Observations 1, 173 428 1,173 1,173 RZ 0.043 0.093 0.204 0.749 Adjusted R2 0.042 0.091 0. 162 0.743 Residual Std. Error 327. 184 (df = 1171) 0.689 (df = 426) F Statistic 52. 364* ** (df = 1; 1171) 35.645*#* (df = 8; 1114) 426.247 ** (df = 8; 1142) Note : *p