Researcher Incentives and Empirical Methods
Economists are quick to assume opportunistic behavior in almost every walk of life other than our own. Our empirical methods are based on assumptions of human behavior that would not pass muster in any of our models. The solution to this problem is not to expect a mass renunciation of data mining, selective data cleaning or opportunistic methodology selection, but rather to follow Leamer's lead in designing and using techniques that anticipate the behavior of optimizing researchers. In this essay, I make ten points about a more economic approach to empirical methods and suggest paths for methodological progress.
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- Sala-i-Martin, Xavier, 1997.
"I Just Ran Two Million Regressions,"
American Economic Review,
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609, The World Bank.
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239, UCLA Department of Economics.
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- Denton, Frank T, 1985. "Data Mining as an Industry," The Review of Economics and Statistics, MIT Press, vol. 67(1), pages 124-27, February.
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