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Archive of posts filed under the Economics category.

4-year-old post on Arnold Zellner is oddly topical

I’m re-running this Arnold Zellner obituary because it is relevant to two recent blog discussions: 1. Differences between econometrics and statistics 2. Old-fashioned sexism (of the quaint, not the horrible, variety)

Question about data mining bias in finance

Finance professor Ravi Sastry writes: Let’s say we have N vectors of data, {y_1,y_2,…,y_N}. Each is used as the dependent variable in a series of otherwise identical OLS regressions, yielding t-statistics on some parameter of interest, theta: {t_1,t_2,…,t_N}. The maximum t-stat is denoted t_n*, and the corresponding data are y_n*. These are reported publicly, as […]

“Differences Between Econometrics and Statistics” (my talk this Monday at the University of Pennsylvania econ dept)

Differences Between Econometrics and Statistics:  that’s the title of the talk I’ll be giving at the econometrics workshop at noon on Monday. At 4pm 4:30pm in the same place, I’ll be speaking on Stan. And here are some things for people to read: For “Differences between econometrics and statistics”: Everyone’s trading bias for variance at […]

Social research is not the same as health research: Macartan Humphreys gives new guidelines for ethics in social science research

In reaction to the recent controversy about a research project that interfered with an election in Montana, political scientist Macartan Humphreys shares some excellent ideas on how to think about ethics in social science research: Social science researchers rely on principles developed by health researchers that do not always do the work asked of them […]

Ray Could Write

Now he is scattered among a hundred cities And wholly given over to unfamiliar affections, To find his happiness in another kind of wood And be punished under a foreign code of conscience. . . . You were silly like us; your gift survived it all: For chess makes nothing happen: it survives In the […]

“Your Paper Makes SSRN Top Ten List”

I received the following email from the Social Science Research Network, which is a (legitimate) preprint server for research papers: Dear Andrew Gelman: Your paper, “WHY HIGH-ORDER POLYNOMIALS SHOULD NOT BE USED IN REGRESSION DISCONTINUITY DESIGNS”, was recently listed on SSRN’s Top Ten download list for: PSN: Econometrics, Polimetrics, & Statistics (Topic) and Political Methods: […]

Hoe noem je?

Haynes Goddard writes: Reviewing my notes and books on categorical data analysis, the term “nominal” is widely employed to refer to variables without any natural ordering. I was a language major in UG school and knew that the etymology of nominal is the Latin word nomen (from the Online Etymological Dictionary: early 15c., “pertaining to […]

Prediction Market Project for the Reproducibility of Psychological Science

Anna Dreber Almenberg writes: The second prediction market project for the reproducibility project will soon be up and running – please participate! There will be around 25 prediction markets, each representing a particular study that is currently being replicated. Each study (and thus market) can be summarized by a key hypothesis that is being tested, which […]

The Fault in Our Stars: It’s even worse than they say

In our recent discussion of publication bias, a commenter link to a recent paper, “Star Wars: The Empirics Strike Back,” by Abel Brodeur, Mathias Le, Marc Sangnier, Yanos Zylberberg, who point to the notorious overrepresentation in scientific publications of p-values that are just below 0.05 (that is, just barely statistically significant at the conventional level) […]

Rational != Self-interested

I’ve said it before (along with Aaron Edlin and Noah Kaplan) and I’ll say it again. Rationality and self-interest are two dimensions of behavior. An action can be: 1. Rational and self-interested 2. Irrational and self-interested 3. Rational and altruistic 4. Irrational and altruistic. It’s easy enough to come up with examples of all of […]