Table 2 Evaluation (using average deviation of the predicted wage from actual wage and% reduction in total deviation) of both prediction models and simple geometric means (grand mean and mean within SOC unit categories) for the internal validation data (2006 LFS data only)
Model | Average deviation from actual wage | % reduction of deviation |
|---|---|---|
Grand Geometric Mean Wage | £209 | 0% |
Geometric Mean wage in SOC Unit Group | £150 | 48.78% |
Model 1: 2-level intercept | £151 | 48.12% |
Model 2: 2-level intercept and age slopes | £150 | 48.41% |
Model 3: 3-level intercept | £146 | 51.63% |
Model 4: 3-level intercept and age slopes | £145 | 52.10% |
N | 27,560 | |