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Selection Procedures for Order Statistics in Empirical Economic Studies

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  • William C. Horrace

    (University of Arizona)

Abstract

In a presentation to the American Economics Association, McCloskey (1998) argued that "statistical significance is bankrupt" and that economists' time would be "better spent on finding out How Big Is Big". This brief survey is devoted to methods of determining "How Big Is Big". It is concerned with a rich body of literature called selection procedures, which are statistical methods that allow inference on order statistics and which enable empiricists to attach confidence levels to statements about the relative magnitudes of population parameters (i.e. How Big Is Big). Despite their prolonged existence and common use in other fields, selection procedures have gone relatively unnoticed in the field of economics, and, perhaps, their use is long overdue. The purpose of this paper is to provide a brief survey of selection procedures as an introduction to economists and econometricians and to illustrate their use in economics by discussing a few potential applications. Both simulated and empirical examples are provided.

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File URL: http://128.118.178.162/eps/em/papers/0206/0206005.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Econometrics with number 0206005.

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Length: 26 pages
Date of creation: 20 Jun 2002
Date of revision:
Handle: RePEc:wpa:wuwpem:0206005

Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on HP; pages: 26; figures: included. A survey of selection procedures useful in economics
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Web page: http://128.118.178.162

Related research

Keywords: Ranking and selection; multiple comparisons; hypothesis testing;

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References

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  1. Judith Fields & Edward N. Wolff, 1995. "Interindustry wage differentials and the gender wage gap," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 49(1), pages 105-120, October.
  2. Seale, James M, Jr, 1990. "Estimating Stochastic Frontier Systems with Unbalanced Panel Data: The Case of Floor Tile Manufactories in Egypt," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 5(1), pages 59-74, January-M.
  3. William C. Horrace, 2002. "Tables of Percentage Points of the k-Variate Normal Distribution for Large Values of k," Econometrics 0206007, EconWPA.
  4. William C. Horrace & Peter Schmidt, 2000. "Multiple comparisons with the best, with economic applications," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(1), pages 1-26.
  5. William C. Horrace & Peter Schmidt, 2002. "Confidence Statements for Efficiency Estimates from Stochastic Frontier Models," Econometrics 0206006, EconWPA.
  6. William C. Horrace, 2002. "On the Ranking Uncertainty of Labor Market Wage Gaps," Econometrics 0206003, EconWPA.
  7. Haurin, Donald R, 1989. "Women's Labor Market Reactions to Family Disruptions," The Review of Economics and Statistics, MIT Press, vol. 71(1), pages 54-61, February.
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