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Microdata, Heterogeneity and the Evaluation of Public Policy

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Author Info

  • Heckman, James J.

    (University of Chicago)

Abstract

This paper summarizes the contributions of microeconometrics to economic knowledge. Four main themes are developed. (1) Microeconometricians developed new tools to respond to econometric problems raised by the analysis of the new source of microdata produced after the Second World War. (2) Microeconometrics improved on aggregate time series methods by building models that linked economic models for individuals to data on individual behaviour. (3) An important empirical regularity detected by the field is the diversity and heterogeneity of behaviour. This heterogeneity has profound consequences for economic theory and for econometric practice. (4) Microeconometrics has contributed substantially to the scientific evaluation of public policy.

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File URL: http://nobelprize.org/nobel_prizes/economics/laureates/2000/heckman-lecture.pdf
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Bibliographic Info

Paper provided by Nobel Prize Committee in its series Nobel Prize in Economics documents with number 2000-4.

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Length: 68 pages
Date of creation: 08 Dec 2000
Date of revision:
Handle: RePEc:ris:nobelp:2000_004

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Web page: http://www.nobelprize.org

Related research

Keywords: Microeconometrics;

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Cited by:
  1. Christopher L. Gilbert & Duo Qin, 2005. "The First Fifty Years of Modern Econometrics," Working Papers 544, Queen Mary, University of London, School of Economics and Finance.
  2. Sudhir Alladi Venkatesh & Steven D. Levitt, 2001. "Growing Up in the Projects: The Economic Lives of a Cohort of Men Who Came of Age in Chicago Public Housing," American Economic Review, American Economic Association, vol. 91(2), pages 79-84, May.
  3. Jan-Jan Soon, 2008. "The determinants of international students' return intention," Working Papers 0806, University of Otago, Department of Economics, revised Jul 2008.

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