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Practice ahead of theory: instrumental variables, natural experiments and inductivism in econometrics

Reiss, Julian (2003) Practice ahead of theory: instrumental variables, natural experiments and inductivism in econometrics. Technical report (CPNSS Research Project), CTR 12/03. Centre for Philosophy of Natural and Social Sciences, London School of Economics and Political Science., London, UK.

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Abstract

This paper argues that the field of econometrics divides into camps of sinners and preachers. Specifically, I look at two sins condemned by the preachers: the making of causal background assumptions when identifying parameters for estimation and the estimation of parameters that have no or little theoretical significance. I argue that practitioners in the natural experiments literature happily commit these sins and that this is for the good of the discipline.

Item Type: Monograph (Technical Report)
Official URL: http://www2.lse.ac.uk/CPNSS/projects/CoreResearchP...
Additional Information: © 2003 The Author
Library of Congress subject classification: H Social Sciences > HB Economic Theory
Sets: Research centres and groups > Centre for Philosophy of Natural and Social Science (CPNSS)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: CTR 12/03
Date Deposited: 09 Jun 2011 15:12
URL: http://eprints.lse.ac.uk/36602/

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