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Microdata, Heterogeneity and the Evaluation of Public Policy

Author

Listed:
  • Heckman, James J.

    (University of Chicago)

Abstract

This paper summarizes the contributions of microeconometrics to economic knowledge. Four main themes are developed. (1) Microeconometricians developed new tools to respond to econometric problems raised by the analysis of the new source of microdata produced after the Second World War. (2) Microeconometrics improved on aggregate time series methods by building models that linked economic models for individuals to data on individual behaviour. (3) An important empirical regularity detected by the field is the diversity and heterogeneity of behaviour. This heterogeneity has profound consequences for economic theory and for econometric practice. (4) Microeconometrics has contributed substantially to the scientific evaluation of public policy.

Suggested Citation

  • Heckman, James J., 2000. "Microdata, Heterogeneity and the Evaluation of Public Policy," Nobel Prize in Economics documents 2000-4, Nobel Prize Committee.
  • Handle: RePEc:ris:nobelp:2000_004
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    File URL: http://nobelprize.org/nobel_prizes/economics/laureates/2000/heckman-lecture.pdf
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    References listed on IDEAS

    as
    1. Sharpe, William F., 1967. "Portfolio Analysis," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 2(02), pages 76-84, June.
    2. Rosenberg, Barr, 1974. "Extra-Market Components of Covariance in Security Returns," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 9(02), pages 263-274, March.
    3. Blume, Marshall E, 1971. "On the Assessment of Risk," Journal of Finance, American Finance Association, vol. 26(1), pages 1-10, March.
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    Citations

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    Cited by:

    1. Sudhir Alladi Venkatesh & Steven D. Levitt, 2001. "Growing Up in the Projects: The Economic Lives of a Cohort of Men Who Came of Age in Chicago Public Housing," American Economic Review, American Economic Association, vol. 91(2), pages 79-84, May.
    2. Christopher L. Gilbert & Duo Qin, 2005. "The First Fifty Years of Modern Econometrics," Working Papers 544, Queen Mary University of London, School of Economics and Finance.
    3. Jan-Jan Soon, 2008. "The determinants of international students' return intention," Working Papers 0806, University of Otago, Department of Economics, revised Jul 2008.

    More about this item

    Keywords

    Microeconometrics;

    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models

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