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A two (or more) wave panel study enables one to
estimate the effects of explanatory variables that vary over time,
without using anchoring vignettes. The problem is that a differencing
design is required, meaning that the absolute level of the variable
being measured (health, efficacy, etc.) cannot be estimated. Nor can
the effects of explanatory variables that are fixed over time (such as
sex, education level at first interview, etc.) or change predictably
over time (such as age).
Gary King
2006-01-03