Non-Standard Errors
In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in sample estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty: non-standard errors. To study them, we let 164 teams test six hypotheses on the same sample. We find that non-standard errors are sizeable, on par with standard errors. Their size (i) co-varies only weakly with team merits, reproducibility, or peer rating, (ii) declines significantly after peer-feedback, and (iii) is underestimated by participants.
Year of publication: |
2021
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Authors: | Menkveld, Albert J. ; Dreber, Anna ; Holzmeister, Felix ; Huber, Jürgen ; Johannesson, Magnus ; Kirchler, Michael ; Neusüss, Sebastian ; Razen, Michael ; Weitzel, Utz |
Publisher: |
Munich : Center for Economic Studies and ifo Institute (CESifo) |
Subject: | non-standard errors | multi-analyst approach | liquidity |
Saved in:
freely available
Series: | CESifo Working Paper ; 9453 |
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Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Working Paper |
Language: | English |
Other identifiers: | 1782025839 [GVK] hdl:10419/248998 [Handle] RePec:ces:ceswps:_9453 [RePEc] |
Classification: | C12 - Hypothesis Testing ; c18 ; G10 - General Financial Markets. General ; G14 - Information and Market Efficiency; Event Studies |
Source: |
Persistent link: https://www.econbiz.de/10012799753