Tag: Empirical Economics
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.
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.”
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…
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,…