Empirical Practice in Economics: Challenges and Opportunities
Sunday, Jan. 5, 2020 8:00 AM - 10:00 AM (PDT)
- Chair: Guido Imbens, Stanford University
In Praise of Confidence Intervals
AbstractMost empirical papers in economics focus on two aspects of their results: whether the estimates are statistically significantly different from zero and the interpretation of the point estimates. This focus obscures important information about the implications of the results for economically interesting hypotheses about values of the parameters other than zero, and in some cases, about the strength of the evidence against values of zero. This limitation can be overcome by reporting confidence intervals for papers’ main estimates and discussing the economic interpretation of parameter values within the confidence intervals.
Internalizing Externalities: Designing Effective Data Policies
AbstractMany economics journals have recently invested in efforts to archive and curate research data, and promote reproducible research. The economics profession has focused relatively less attention on what types of institutions and incentives might encourage and subsidize the creation and sharing of datasets that are likely to encourage novel follow-on research of high social value. This paper describes some examples from other scientific fields of institutions and incentives designed to promote subsequent research, and speculates on some potential reforms that could be undertaken within economics to encourage the type of data sharing that is most likely to encourage socially valuable follow-on research.
- C1 - Econometric and Statistical Methods and Methodology: General