Consequences of inclusion of irrelevant variables in a model IThe Ols estimators are unbiased and consistent. E(al= b E(a? E(a3)=0 (2)The estimator of o 2 is correctly estimated (3) The standard confidence interval and hypothesis testing procedure on the basis of the t and f tests remain valid(1)The OLS estimators are unbiased and consistent. E(a1 ) = B1 E(a2 ) = B2 E(a3 ) = 0 （2）The estimator of σ2 is correctly estimated. （3）The standard confidence interval and hypothesis￾testing procedure on the basis of the t and F tests remain valid. Consequences of inclusion of irrelevant variables in a model: