A Comparative Analysis on the Impact of Household Size on Economic Prosperity in Developing Countries
Ibrahim Adamu *
Department of Statistics, Federal University of Technology Owerri, Imo State Nigeria.
Opara Emmanuel Uchenna
Department of Statistics, Federal University of Technology Owerri, Imo State Nigeria.
Alumbugu Auta Irinews
Department of Statistics, Federal Polytechnic Nasarawa, Nasarawa State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
This research explores the relationship between household size and economic prosperity in five developing countries: Brazil, India, Nigeria, Ukraine, and Vietnam. Using secondary data from 2010 to 2021, the study employs multiple regression analysis (MRA) to assess the impact of health, education, and income indices on average household size, testing for homoscedasticity, normality, autocorrelation, and multicollinearity. The findings reveal country-specific effects, highlighting the importance of considering socio-economic and cultural differences. Some factors, such as education, may have a strong negative impact on household size in one country, but could have a positive effect on another. Ridge regression is applied to address multicollinearity issues in Nigeria and Vietnam. The research concludes that tailored policy interventions informed by these findings can contribute to more effective development strategies and reduce socio-economic disparities in developing countries.
Keywords: Household, economic prosperity, multiple regression analysis