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- W3122387263 abstract "This is an excellent paper and despite deep reservations about rules I largely agree with its message. I am sure that most applied workers will regard the rules as common sense, whereas most theorists will find them disquieting. It also contains a valuable collection of sensible quotations and I hope it will prompt a wider discussion about how we do and teach applied econometrics. To help that discussion along, let me suggest some questions for teachers of applied econometrics, prompted by Kennedy’s rules. My impression is that applied econometrics is something students learn by doing, but that teachers can help, or hinder, that learning. My experience has been with graduate level courses, with many part-time students and practitioners, who actually use the techniques in practice. I have learned the importance of these questions, and a lot of applied econometrics, from them. The questions may need to be amended for undergraduate courses. I think they apply whether one does time-series or microeconometrics and whatever empirical methodology one uses. These are the questions I would like teachers to ask themselves. Have I drawn a firm line between theoretical and applied econometrics? It is a mistake to teach applied econometrics as if it was a continuation of theoretical econometrics. They are quite different sorts of activity, which need to be taught and learned in quite different ways. In theoretical econometrics you have the model and no data, in applied econometrics you have the data and no model. Theoretical econometrics is a deductive activity with right and wrong answers, applied econometrics an exploratory process where you can never even be sure of the question. The ideal way to ensure that the students are not confused is to have the theory and applied courses taught by two different people who express mutual contempt for the other’s approach. Have I emphasised the importance of purpose? Whether a model or an estimator is good or bad can only be judged relative to the purpose that it is going to be used for. Sometimes this can be embodied in a loss function derived from a decision theory, but for most purposes an informal understanding of how the model is to be used is perfectly adequate. This is why my first question is always ‘why are you doing this?’. While the honest answer may be that the purpose is only to pass an" @default.
- W3122387263 created "2021-02-01" @default.
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- W3122387263 date "2003-05-14" @default.
- W3122387263 modified "2023-09-26" @default.
- W3122387263 title "Peter Kennedy's Sinning in the Basement: A Comment" @default.
- W3122387263 hasPublicationYear "2003" @default.
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