Revisiting Tobin's 1950 study of food expenditure

✍ Scribed by Edward E. Leamer

• Book ID: 101285595
• Publisher: John Wiley and Sons
• Year: 1997
• Tongue: English
• Weight: 275 KB
• Volume: 12
• Category: Article
• ISSN: 0883-7252
• DOI: 10.1002/(sici)1099-1255(199709/10)12:5<533::aid-jae454>3.0.co;2-v

✦ Synopsis

This re-analysis of study makes three points:

1. Graphs are a powerful device for discovery and for communication, and can reveal much of the information in the data. 2. Squeezing out the more subtle multivariate messages requires some solution to the usual overparameterization problem. Data-mining is still the treatment of choice for this crippling disease, but it is more akin to leeches than to anti-biotics. A Bayesian sensitivity analysis is an alternative, but it isn't a perfect cure either. 3. Clear identi®cation of the issues can help keep the enterprise from wandering o in technically amusing but largely irrelevant directions.