Christopher Ferral () (Department of Economics, Queen's University)
Abstract
This paper develops a framework for analyzing the outcome of experiments carried out on forward-looking subjects. Natural experiments, unexpected policy changes, and true experiments are all included in the framework as special cases. These concepts are defined in conjunction with explicit notions of controlled and randomized experiments. The persistent issues of sample-selection bias and heterogeneous impacts that surround interpretations of experiments are endogenous to the model. Special attention is given to interpreting empirical impact of the treatment within the model. The environments in which estimated mean impacts correspond to mean subjective impacts are specified, and they are found to be a small, uninteresting subset of environments contained within the framework.
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Publisher Info
Paper provided by Queen's University, Department of Economics in its series Working Papers with number
1008.
Find related papers by JEL classification: C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
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