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Selection Procedures for Economics

Author

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  • William C. Horrace

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 abbreviated 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 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 fields of economics, and, perhaps, their use is long overdue. The purpose of this article 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.

Suggested Citation

  • William C. Horrace, 2006. "Selection Procedures for Economics," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot, Berlin, vol. 52(4), pages 357-374.
  • Handle: RePEc:aeq:aeqaeq:v52_y2006_i4_q4_p357-374
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    Cited by:

    1. William Horrace & Christopher Parmeter, 2016. "Accounting for Multiplicity in Inference on Economics Journal Rankings," Working Papers 2016-08, University of Miami, Department of Economics.

    More about this item

    Keywords

    Ranking and selection; order statistics; statistical inference.;

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General

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