Empirical economics and statistical power
13 Dec, 2017 at 21:44 | Posted in Statistics & Econometrics | Comments Off on Empirical economics and statistical power
How credible is empirical economics? Is empirical economics adequately powered? Many suspect that statistical power is routinely low in empirical economics. However, to date, there has been no large-scale survey of statistical power widely across empirical economics. The main objectives of this article are to fill this gap, investigate the implications of low power on the magnitude of likely bias and recommend changes in practice that are likely to increase power, reduce bias and thereby increase the credibility of empirical economics …
We are not suggesting that power analysis is never done in economics … Nevertheless, in spite of its widely recognised importance, there are currently no large-scale surveys of statistical power in empirical economics nor a careful quantification of the consequences of ignoring power.
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LARS P. SYLL 