A Structural Perspective on the Experimentalist School
AbstractWhat has always bothered me about the "experimentalist" school is the false sense of certainty it conveys. My view, like Leamer's, is that there is no way to escape the role of assumptions in statistical work, so our conclusions will always be contingent. Hence, we should be circumspect about our degree of knowledge. I present some lessons for economics from the field of marketing, a field where broad consensus has been reached on many key issues over the past twenty years. In marketing, 1) the structural paradigm is dominant, 2) the data are a lot better than in some fields of economics, and 3) there is great emphasis on external validation. Of course, good data always helps. I emphasize that the ability to do controlled experiments does not obviate the need for theory, and finally I address different approaches to model validation.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 24 (2010)
Issue (Month): 2 (Spring)
Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ching, Andrew & Erdem, Tulin & Keane, Michael, 2007.
"The Price Consideration Model of Brand Choice,"
4686, University Library of Munich, Germany.
- Michael P. Keane & Kenneth I. Wolpin, 2007.
"Exploring The Usefulness Of A Nonrandom Holdout Sample For Model Validation: Welfare Effects On Female Behavior,"
International Economic Review,
Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 48(4), pages 1351-1378, November.
- Michael P. Keane & Kenneth I. Wolpin, 2006. "Exploring the Usefulness of a Non-Random Holdout Sample for Model Validation: Welfare Effects on Female Behavior," PIER Working Paper Archive 06-006, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Joshua D. Angrist & Victor Lavy, 1999. "Using Maimonides' Rule To Estimate The Effect Of Class Size On Scholastic Achievement," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 533-575, May.
- Keane, Michael P., 2010. "Structural vs. atheoretic approaches to econometrics," Journal of Econometrics, Elsevier, vol. 156(1), pages 3-20, May.
- Tülin Erdem & Michael P. Keane & Baohong Sun, 2008. "A Dynamic Model of Brand Choice When Price and Advertising Signal Product Quality," Marketing Science, INFORMS, vol. 27(6), pages 1111-1125, 11-12.
- Sean Muller, 2012. "Econometric methods and Reichenbach's principle," SALDRU Working Papers 85, Southern Africa Labour and Development Research Unit, University of Cape Town.
- Muller, Sean, 2014. "Randomised trials for policy: a review of the external validity of treatment effects," SALDRU Working Papers 127, Southern Africa Labour and Development Research Unit, University of Cape Town.
- David I. Stern, 2011. "From Correlation to Granger Causality," Crawford School Research Papers 1113, Crawford School of Public Policy, The Australian National University.
- Christopher T. Conlon & Julie Holland Mortimer, 2008.
"Demand Estimation Under Incomplete Product Availability,"
NBER Working Papers
14315, National Bureau of Economic Research, Inc.
- Christopher T. Conlon & Julie Holland Mortimer, 2013. "Demand Estimation under Incomplete Product Availability," American Economic Journal: Microeconomics, American Economic Association, vol. 5(4), pages 1-30, November.
- Christopher T. Conlon & Julie Holland Mortimer, 2010. "Demand Estimation Under Incomplete Product Availability," Boston College Working Papers in Economics 799, Boston College Department of Economics, revised 07 Aug 2012.
- Christopher T. Conlon & Julie Holland Mortimer, 2010.
"Effects of Product Availability: Experimental Evidence,"
Boston College Working Papers in Economics
798, Boston College Department of Economics.
- Christopher T. Conlon & Julie Holland Mortimer, 2010. "Effects of Product Availability: Experimental Evidence," NBER Working Papers 16506, National Bureau of Economic Research, Inc.
- Michael P. Keane, 2013. "Panel data discrete choice models of consumer demand," Economics Papers 2013-W08, Economics Group, Nuffield College, University of Oxford.
- Bolle, Friedel & Breitmoser, Yves & Otto, Philipp E., 2011. "A positive theory of cooperative games: The logit core and its variants," MPRA Paper 32918, University Library of Munich, Germany.
- Christopher T. Conlon & Julie Holland Mortimer, 2013. "An Experimental Approach to Merger Evaluation," NBER Working Papers 19703, National Bureau of Economic Research, Inc.
- Andrew T. Ching & Tülin Erdem & Michael P. Keane, 2013. "Learning Models: An Assessment of Progress, Challenges and New Developments," Economics Papers 2013-W07, Economics Group, Nuffield College, University of Oxford.
- Breitmoser, Yves, 2013. "Estimation of social preferences in generalized dictator games," Economics Letters, Elsevier, vol. 121(2), pages 192-197.
- Michael P. Keane & Nada Wasi, 2013. "The Structure of Consumer Taste Heterogeneity in Revealed vs. Stated Preference Data," Economics Papers 2013-W10, Economics Group, Nuffield College, University of Oxford.
- Niu, Yongzhi, 2010. "Taxpayers' Response to Warnings of a Possible Tax Audit: Do They Change Their Compliance Behavior?," MPRA Paper 25551, University Library of Munich, Germany.
- van der Klaauw, Bas, 2014. "From Micro Data to Causality: Forty Years of Empirical Labor Economics," IZA Discussion Papers 8047, Institute for the Study of Labor (IZA).
- Thor O. Thoresen & Trine E. Vattø, 2013. "Validation of structural labor supply model by the elasticity of taxable income," Discussion Papers 738, Research Department of Statistics Norway.
- Économétrie in Wikipedia French ne '')
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros) or (Michael P. Albert).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.