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Empirically Relevant Critical Values For Hypothesis Tests: The Bootstrap to the Rescue

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Author Info

  • Horowitz, J.L.

    ()
    (University of Iowa)

  • Savin, N.E.

    ()
    (University of Iowa)

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    Abstract

    Tests of statistical hypotheses can be based on either of two critical values: the Type I critical value or the size-corrected critical value. The former usually depends on unknown population parameters and cannot be evaluated exactly in applications, but it can often be estimated very accurately by using the bootstrap. The latter does not depend on unknown population parameters but is likely to yield a test with low power. The critical values used in most Monte Carlo studies of the powers of tests are neither Type I nor size-corrected. They are irrelevant to empirical research.

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    Bibliographic Info

    Paper provided by University of Iowa, Department of Economics in its series Working Papers with number 98-07.

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    Length: 16 Pages
    Date of creation: Jul 1998
    Date of revision:
    Handle: RePEc:uia:iowaec:98-07

    Contact details of provider:
    Postal: University of Iowa, Department of Economics, Henry B. Tippie College of Business, Iowa City, Iowa 52242
    Phone: (319) 335-0829
    Fax: (319) 335-1956
    Web page: http://tippie.uiowa.edu/economics/
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    Related research

    Keywords: Hypothesis test; critical value; size; Type I error; bootstrap;

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