Estimation of empirical relationships is prone to bias. Economists have carefully studied sources of bias in structural and quasi-experimental approaches, but the randomized control trial (RCT) has only begun to receive such scrutiny. This paper argues that several lessons from medicine, derived...

Estimation of empirical relationships is prone to bias. Economists have carefully identified and addressed sources of bias in structural and quasi-experimental approaches, but the randomized control trial (RCT) has only recently begun to receive such scrutiny. In this paper, we argue that...

Policy discussions in Japan have increasingly recognized the important role of land values and land-use patterns in Japanese macroeconomic adjustment. In Japan in recent years, land wealth constitutes more than half of financial wealth, a proportion that is much higher than in the United States...