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Econometric Causality: The Central Role of Thought Experiments

Heckman, James J.; Pinto, Rodrigo - 2023

This paper examines the econometric causal model and the interpretation of empirical evidence based on thought experiments that was developed by Ragnar Frisch and Trygve Haavelmo. We compare the econometric causal model with two currently popular causal frameworks: the Neyman-Rubin causal model...

Persistent link: https://www.econbiz.de/10014469458

What Happens When Econometrics and Psychometrics Collide? An Example Using the PISA Data

Jerrim, John; Lopez-Agudo, Luis Alejandro; … - 2017

International large-scale assessments such as PISA are increasingly being used to benchmark the academic performance of young people across the world. Yet many of the technicalities underpinning these datasets are misunderstood by applied researchers, who sometimes fail to take their complex...

Persistent link: https://www.econbiz.de/10011744559

Building a structural model: Parameterization and structurality

Mouchart, Michel; Orsi, Renzo - In: Econometrics 4 (2016) 2, pp. 1-16

A specific concept of structural model is used as a background for discussing the structurality of its parameterization. Conditions for a structural model to be also causal are examined. Difficulties and pitfalls arising from the parameterization are analyzed. In particular, pitfalls when...

Persistent link: https://www.econbiz.de/10011755328

Identification and estimation of dynamic structural models with unobserved choices

Hu, Yingyao; Xin, Yi - 2019

This paper develops identification and estimation methods for dynamic structural models when agents' actions are unobserved by econometricians. We provide conditions under which choice probabilities and latent state transition rules are nonparametrically identified with a continuous state...

Persistent link: https://www.econbiz.de/10012146387

Contagion pattern identification through minimum spanning trees during the Asian financial crisis

Marica, Vasile-George - In: Financial Studies 23 (2019) 2 (84), pp. 76-96

Complexity in financial markets is slowly overwhelming canonical statistical modelling. With global crises which stemming from contagion effects becoming more frequent, new tools for financial distress transmission c apture are needed. Graph theory , with its branch on minimum spanning trees can...

Persistent link: https://www.econbiz.de/10012484781

The power of experiments: How big is your n?

Asanov, Igor; Bühren, Christoph; Zacharodimou, Panagiota - 2020

The replicability and credibility crisis in psychology and economics sparked the debate on underpowered experiments, publication biases, and p-hacking. Analyzing the number of independent observations of experiments published in Experimental Economics, Games and Economic Behavior, and the...

Persistent link: https://www.econbiz.de/10012543664

Income dependent equivalence scales, inequality, and poverty

Dudel, Christian; Garbuszus, Jan Marvin; Ott, Notburga; … - 2015

Most equivalence scales which are applied in research on poverty and inequality do not depend on income, although there is strong empirical evidence that equivalence scales in fact are income dependent. This paper explores the consistency of results derived from income independent and income...

Persistent link: https://www.econbiz.de/10011374211

Causal analysis after Haavelmo

Heckman, James J.; Pinto, Rodrigo - 2013

Haavelmo's seminal 1943 paper is the first rigorous treatment of causality. In it, he distinguished the definition of causal parameters from their identification. He showed that causal parameters are de fined using hypothetical models that assign variation to some of the inputs determining...

Persistent link: https://www.econbiz.de/10010194763

An Oaxaca decomposition for nonlinear models

Bazen, Stephen; Joutard, Xavier; Magdalou, Brice - 2016

The widely used Oaxaca decomposition applies to linear models. Extending it to commonly used nonlinear models such as … duration models is not straightforward. This paper shows that the original decomposition that uses a linear model can also be … obtained by an application of the mean value theorem. By extension, this basis provides a means of obtaining a decomposition …

Persistent link: https://www.econbiz.de/10011458881

Nanoeconomics : a statistical model of company profit influenced by individual interests of managers

Sokolov, Igor; Katyshev, Anatoly - 2015

A concept and mathematical model of modern economics are formulated in which a company profit is defined when taking into account possible interests of individual decision makers rather than based exclusively on benefits of either the company (ground of microeconomics) or the whole society...

Persistent link: https://www.econbiz.de/10010469609