Tag: Empirical Economics

• May 19, 2021

  5-Star BBQ and the Challenge of Ordinal Scales

  A few days ago a Twitter account representing tourism in Houston, posted the following Tweet. It shows analysis of BBQ restaurant reviews using a 5-star rating system. The results are… surprising… and some may even say laughable.
• September 6, 2019

  Binary Dependent Variable? … Just use OLS

  Here is an excerpt from a recent paper published in Applied Economic Perspectives and Policy by John Gibson; entitled, “Are You Estimating the Right Thing? An Editor Reflects.”
• November 28, 2016

  Machine Learning in Economics… A Fad?

  Over the holiday weekend (in the United States) The Economist ran an article with the title: “Economists are Prone to Fads, and the Latest is Machine Learning“. As I am currently taking a class on ‘Big Data for Economists’, this article peaked my interest. The following chart was shown to visualize some recent trends within…
• November 25, 2015

  Teaching Economics 101 Amidst the Empirical Revolution

  Noah Smith writes in Bloomberg View, most of what you learned in economics 101 is wrong: In the last three decades, the economics profession has undergone a profound shift. The rise of information technology and new statistical methods has dramatically increased the importance of data and empirics. This means that many professional economists are no longer,…