Workforce Participation, Ageing, and Economic Welfare: New Empirical Evidence on Complex Patterns across the European Union

Table 3

Goodness-of-fit tests for the SEM models, EU–27, 1995–2018.

	EU–1 panel	EU–2 panel	EU–3 panel	EU–4 panel
Likelihood ratio
Model vs. saturated chi^2_ms (30)	842.038	847.432	766.993	512.168
> chi^2	0.000	0.000	0.000	0.000
Baseline vs. saturated chi^2_bs (42)	1303.435	1497.824	1156.007	797.052
> chi^2	0.000	0.000	0.000	0.000
Population error
RMSEA (root mean squared error of approximation)	0.394	0.315	0.406	0.360
90% CI, lower bound	0.372	0.297	0.381	0.333
Upper bound	0.418	0.334	0.431	0.388
Pclose (probability RMSEA ≤ 0.05)	0.000	0.000	0.000	0.000
Information criteria
AIC (Akaike’s information criterion)	496.177	615.809	100.296	–1084.422
BIC (Bayesian information criterion)	730.371	883.450	323.083	–875.127
Baseline comparison
CFI (comparative fit index)	0.356	0.439	0.338	0.361
TLI (Tucker–Lewis index)	0.099	0.214	0.074	0.106
Size of residuals
CD (coefficient of determination)	0.947	0.902	0.806	0.862

Source: own research.