Beyond the stars
It is frequent to hear in economic seminars or read in academic papers that an effect is economically significant or economically important. Yet, the economic literature is vague on what economic importance means and how it should be measured. In this paper, I show that existing measures of economic...
| Main Author: | |
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| Format: | Journal article |
| Language: | English |
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Wiley
2019
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| _version_ | 1797073230661419008 |
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| author | Sterck, O |
| author_facet | Sterck, O |
| author_sort | Sterck, O |
| collection | OXFORD |
| description | It is frequent to hear in economic seminars or read in academic papers that an effect is economically significant or economically important. Yet, the economic literature is vague on what economic importance means and how it should be measured. In this paper, I show that existing measures of economic importance are flawed and misused. I derive a new metric that measures, in percentage terms, the contribution of each explanatory variable to deviations in the dependent variable, ceteris paribus. As an illustration, the method is applied to study the determinants of migration and the determinants of fertility. |
| first_indexed | 2024-03-06T23:19:08Z |
| format | Journal article |
| id | oxford-uuid:6825dd96-9e4c-4272-a7e4-27953c3cc7bb |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T23:19:08Z |
| publishDate | 2019 |
| publisher | Wiley |
| record_format | dspace |
| spelling | oxford-uuid:6825dd96-9e4c-4272-a7e4-27953c3cc7bb2022-03-26T18:42:58ZBeyond the starsJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:6825dd96-9e4c-4272-a7e4-27953c3cc7bbEnglishSymplectic Elements at OxfordWiley2019Sterck, OIt is frequent to hear in economic seminars or read in academic papers that an effect is economically significant or economically important. Yet, the economic literature is vague on what economic importance means and how it should be measured. In this paper, I show that existing measures of economic importance are flawed and misused. I derive a new metric that measures, in percentage terms, the contribution of each explanatory variable to deviations in the dependent variable, ceteris paribus. As an illustration, the method is applied to study the determinants of migration and the determinants of fertility. |
| spellingShingle | Sterck, O Beyond the stars |
| title | Beyond the stars |
| title_full | Beyond the stars |
| title_fullStr | Beyond the stars |
| title_full_unstemmed | Beyond the stars |
| title_short | Beyond the stars |
| title_sort | beyond the stars |
| work_keys_str_mv | AT stercko beyondthestars |