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The rational economist in research: A model

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  • Martin Paldam

    (Department of Economics and Business Economics, Aarhus University, Denmark)

Abstract

Econ is an economist who behaves as predicted by economic theory. His research for a paper reporting the ‘best’ estimate of an important parameter is modeled. The size of his search is determined from the costs and benefits of running regressions. The size determines the relevant supply side as the production possibility frontier. The demand side is the indifference curves generated where Econ’s preferences meet the market in the form of sponsors, referees and editors. The optimal selection appears as usual. It is shown that it is better than the true one, and that the bias has substantial inertia.

Suggested Citation

  • Martin Paldam, 2015. "The rational economist in research: A model," Economics Working Papers 2015-16, Department of Economics and Business Economics, Aarhus University.
    • Handle: RePEc:aah:aarhec:2015-16
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    File URL: https://repec.econ.au.dk/repec/afn/wp/15/wp15_16.pdf
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    Cited by:

    1. Martin Paldam, 2016. "Simulating an empirical paper by the rational economist," Empirical Economics, Springer, vol. 50(4), pages 1383-1407, June.

    More about this item

    Keywords

    Rational economist; publication bias;

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity

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