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The Econometric Model for Causal Policy Analysis

Author

Listed:
  • James J. Heckman

    (Department of Economics, University of Chicago, Chicago, Illinois, USA)

  • Rodrigo Pinto

    (Department of Economics, University of California, Los Angeles, California, USA)

Abstract

This article discusses the econometric model of causal policy analysis and two alternative frameworks that are popular in statistics and computer science. By employing the alternative frameworks uncritically, economists ignore the substantial advantages of an econometric approach, and this results in less informative analyses of economic policy. We show that the econometric approach to causality enables economists to characterize and analyze a wider range of policy problems than is allowed by alternative approaches.

Suggested Citation

  • James J. Heckman & Rodrigo Pinto, 2022. "The Econometric Model for Causal Policy Analysis," Annual Review of Economics, Annual Reviews, vol. 14(1), pages 893-923, August.
    • Handle: RePEc:anr:reveco:v:14:y:2022:p:893-923
    DOI: 10.1146/annurev-economics-051520-015456
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    Citations

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    Cited by:

    1. Simon Calmar Andersen & Louise Beuchert & Phillip Heiler & Helena Skyt Nielsen, 2023. "A Guide to Impact Evaluation under Sample Selection and Missing Data: Teacher's Aides and Adolescent Mental Health," Papers 2308.04963, arXiv.org.

    More about this item

    Keywords

    policy analysis; econometric models; causality; identification; causal calculus; directed acyclic graphs; treatment effects;
    All these keywords.

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General

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