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A matter of taste : the negative welfare effect of expert judgments

Lagios, Nicolas; Méon, Pierre-Guillaume - 2024

We study how experts influence consumer behavior and welfare by focusing on the Booker Prize. Leveraging the …

Persistent link: https://www.econbiz.de/10015051678

Competition between specialized candidates

Krasa, Stefan; Polborn, Mattias - 2009

We develop a formal model in which the government provides public goods in different policy fields for its citizens. We start from the basic premise that two office-motivated candidates have differential capabilities in different policy fields, and compete by proposing how to allocate government...

Persistent link: https://www.econbiz.de/10003937029

Inside the crystal ball : new approaches to predicting the gasoline price at the pump

Baumeister, Christiane; Kilian, Lutz; Lee, Thomas - 2016

Although there is much interest in the future retail price of gasoline among consumers, industry analysts, and policymakers, it is widely believed that changes in the price of gasoline are essentially unforecastable given publicly available information. We explore several new forecasting...

Persistent link: https://www.econbiz.de/10011429580

The role of diagnostic ability in markets for expert services

Liu, Fang; Rasch, Alexander; Schwarz, Marco; Waibel, … - 2020

In credence goods markets, experts have better information about the appropriate quality of treatment than their … customers. Experts may exploit their informational advantage by defrauding customers. Market institutions have been shown … situation in which experts are heterogeneous in their diagnostic abilities. We find that efficient market outcomes are always …

Persistent link: https://www.econbiz.de/10012315945

Econometric analysis of high dimensional VARs featuring a dominant unit

Pesaran, M. Hashem; Chudik, Alexander - 2010

This paper extends the analysis of infinite dimensional vector autoregressive models (IVAR) proposed in Chudik and Pesaran (2010) to the case where one of the variables or the cross section units in the IVAR model is dominant or pervasive. This extension is not straightforward and involves...

Persistent link: https://www.econbiz.de/10003969212

The cult of statistical significance

Krämer, Walter - 2010

This article takes issue with a recent book by Ziliak and McCloskey (2008) of the same title. Ziliak and McCloskey argue that statistical significance testing is a barrier rather than a booster for empirical research in many fields and should therefore be abandoned altogether. The present...

Persistent link: https://www.econbiz.de/10008732285

Diagnostic tests of cross section independence for nonlinear panel data models

Hsiao, Cheng (contributor); Pesaran, M. Hashem (contributor) - 2007

Persistent link: https://www.econbiz.de/10003497608

Testing weak cross-sectional dependence in large panels

Pesaran, M. Hashem - 2012

This paper considers testing the hypothesis that errors in a panel data model are weakly Cross-sectionally dependent (CD), using the exponent of cross-sectional dependence introduced recently in Bailey, Kapetanios and Pesaran (2012). It is shown that the implicit null of the CD test depends on...

Persistent link: https://www.econbiz.de/10009533962

A frequent misuse of significance tests

Mayer, Thomas - 2001

Economists sometimes interpret the failure of a significance test to disconfirm a hypothesis as evidence that this hypothesis is valid. Six examples of this are cited from recent journals. But this is a misinterpretation of what significance tests show. While in general it is correct that every...

Persistent link: https://www.econbiz.de/10011399708

A multiple testing approach to the regularisation of large sample correlation matrices

Bailey, Natalia; Pesaran, M. Hashem; Smith, L. Vanessa - 2014

This paper proposes a novel regularisation method for the estimation of large covariance matrices, which makes use of insights from the multiple testing literature. The method tests the statistical significance of individual pair-wise correlations and sets to zero those elements that are not...

Persistent link: https://www.econbiz.de/10010361374

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