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  1. An inexact science
    accounting for measurement error and downward bias in mode and location choice models
    Autor*in: Donovan, Stuart; Graaff, Thomas de; Groot, Henri L. F. de
    Erschienen: [2023]
    Verlag:  Tinbergen Institute, Amsterdam, The Netherlands

    Using commuting data for Brisbane, Australia, we find that accounting for measurement error in travel times causes the magnitude of parameters in mode and location choice models to increase approximately three-fold and 30-40%, respectively. Errors... mehr

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    Using commuting data for Brisbane, Australia, we find that accounting for measurement error in travel times causes the magnitude of parameters in mode and location choice models to increase approximately three-fold and 30-40%, respectively. Errors appear to be somewhat systematic, with travel times being underestimated for short journeys and vice versa for long journeys-especially by public transport. We find similar results when we use alternative transport cost measures and independent commuting data from London. Our findings are likely to have important implications for transport and land use policy as well as the many types of economic models in which travel times-and transport costs, more generally-occupy a central role.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/273822
    Schriftenreihe: Array ; TI 2023, 011
    Schlagworte: mode choice; location choice; travel times; measurement error; Australia
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  2. Accounting for individual-specific reliability of self-assessed measures of economic preferences and personality traits
    Autor*in: Dohmen, Thomas; Jagelka, Tomáš
    Erschienen: March 2023
    Verlag:  ECONtribute, Bonn

    Measures based on self-assessments, which are increasingly important in empirical economic research, are plagued by measurement error. This paper presents the first attempt at measuring both revealed and self-reported reliability of individuals'... mehr

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    Measures based on self-assessments, which are increasingly important in empirical economic research, are plagued by measurement error. This paper presents the first attempt at measuring both revealed and self-reported reliability of individuals' answers on self-reports of latent characteristics. We show that measurement error on self-reports relevant to economists is heterogeneous across individuals and can be reasonably approximated by a distribution with two unobserved types. We propose a straightforward survey question which allows to distinguish individuals who give highly reliable answers from those who do not, using cross-sectional data. We demonstrate that it predicts revealed individual reliability over and above all measured characterises, survey conditions, and experimental treatments. We show how our simple self-reported reliability measure can be used to cost-effectively reduce attenuation bias in estimates of cognitive and non-cognitive determinants of high school GPA, college graduation, unemployment, and life satisfaction. Without requiring panel data, the achieved correction is similar to some of the most effective reduced-form theory-based approaches in the existing literature. Finally, we clarify the role of effort and self-knowledge in generating measurement error and propose a simple model which rationalizes our findings.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/278400
    Schriftenreihe: ECONtribute discussion paper ; no. 224
    Schlagworte: Reliability; measurement error; personality traits; economic preferences; self-assessments
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  3. Earnings penalty of educational mismatch
    a comparison of alternative methods of assessing over-education
    Autor*in: Wen, Le; Maani, Sholeh A.
    Erschienen: February 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    In this paper we systematically evaluate the impact of using the alternative methods conventionally used in the international literature on the measured incidence of educational mismatch and its earnings effects. We use a rich Australian longitudinal... mehr

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    In this paper we systematically evaluate the impact of using the alternative methods conventionally used in the international literature on the measured incidence of educational mismatch and its earnings effects. We use a rich Australian longitudinal data set for a controlled group of full-time employed workers. Using panel data estimation, we address individual heterogeneity and measurement error, which are important in educational mismatch analysis. We show that alternative methods of measurement result in a range of estimates, with the Mode measure providing the most stable results across instrumental variables (IV) selections in panel fixed effects instrumental variables (FEIV) estimations. Based on the Mode measure, the incidence rate of over-education is 32.3%. The earnings penalty for each year of over-education is 2.5%, which is larger than 0.6% in fixed effect estimation and also larger than 1.9% in OLS estimations.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/272570
    Schriftenreihe: Discussion paper series / IZA ; no. 15943
    Schlagworte: over-education; education mismatch; earnings; measurement error; instrumental variable
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  4. Embrace the noise
    it is OK to ignore measurement error in a covariate, sometimes
    Autor*in: Dong, Hao; Millimet, Daniel L.
    Erschienen: October 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    In linear regression models, measurement error in a covariate causes Ordinary Least Squares (OLS) to be biased and inconsistent. Instrumental Variables (IV) is a common solution. While IV is also biased, it is consistent. Here, we undertake an... mehr

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    In linear regression models, measurement error in a covariate causes Ordinary Least Squares (OLS) to be biased and inconsistent. Instrumental Variables (IV) is a common solution. While IV is also biased, it is consistent. Here, we undertake an asymptotic comparison of OLS and IV in the case where a covariate is mismeasured for [Nδ] of N observations with δ ∊ [0, 1]. We show that OLS is consistent for δ < 1 and is asymptotically normal and more efficient than IV for δ < 0.5. Simulations and an application to the impact of body mass index on family income demonstrate the practical usefulness of this result.

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/282635
    Schriftenreihe: Discussion paper series / IZA ; no. 16508
    Schlagworte: errors-in-variables; measurement error; asymptotics
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  5. Misclassification in linear-in-means models
    theory and application to peer effects estimation
    Autor*in: Balestra, Simone; Eugster, Beatrix; Puljic, Fanny
    Erschienen: 02 August 2023
    Verlag:  Centre for Economic Policy Research, London

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    Standort:
    Universitätsbibliothek Mannheim
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    Schriftenreihe: Array ; DP18342
    Schlagworte: measurement error; misclassification; spillover effect; linear in-means
    Umfang: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  6. Inference in the presence of unknown rates
    Autor*in: Dong, Hao; Otsu, Taisuke; Taylor, Luke
    Erschienen: 2023
    Verlag:  LSE, STICERD, London

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    Sprache: Englisch
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    Schriftenreihe: Econometrics papers / LSE ; STICERD ; paper number EM630
    Schlagworte: subsampling; convergence rate; measurement error
    Umfang: 1 Online-Ressource (12 Seiten)
  7. Accounting for individual-specific reliability of self-assessed measures of economic preferences and personality traits
    Autor*in: Dohmen, Thomas; Jagelka, Tomáš
    Erschienen: March 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Measures based on self-assessments, which are increasingly important in empirical economic research, are plagued by measurement error. This paper presents the first attempt at measuring both revealed and self-reported reliability of individuals'... mehr

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    Verlag (kostenfrei)
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    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4
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    Measures based on self-assessments, which are increasingly important in empirical economic research, are plagued by measurement error. This paper presents the first attempt at measuring both revealed and self-reported reliability of individuals' answers on self-reports of latent characteristics. We show that measurement error on self-reports relevant to economists is heterogeneous across individuals and can be reasonably approximated by a distribution with two unobserved types. We propose a straightforward survey question which allows to distinguish individuals who give highly reliable answers from those who do not, using cross-sectional data. We demonstrate that it predicts revealed individual reliability over and above all measured characterises, survey conditions, and experimental treatments. We show how our simple self-reported reliability measure can be used to cost-effectively reduce attenuation bias in estimates of cognitive and non-cognitive determinants of high school GPA, college graduation, unemployment, and life satisfaction. Without requiring panel data, the achieved correction is similar to some of the most effective reduced-form theory-based approaches in the existing literature. Finally, we clarify the role of effort and self-knowledge in generating measurement error and propose a simple model which rationalizes our findings.

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/272654
    Schriftenreihe: Discussion paper series / IZA ; no. 16027
    Schlagworte: measurement error; reliability; personality traits; economic preferences
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  8. Currency risk premiums redux
    Autor*in: Nucera, Federico Calogero; Sarno, Lucio; Zinna, Gabriele
    Erschienen: [2023]
    Verlag:  Banca d'Italia Eurosistema, [Rom]

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    Weitere Identifier:
    Schriftenreihe: Temi di discussione / Banca d'Italia ; number 1415 (July 2023)
    Schlagworte: currency risk premiums; asset pricing; omitted factors; measurement error; weakfactors
    Umfang: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  9. Decomposing trust
    Autor*in: Engelmann, Dirk; Friedrichsen, Jana; Veldhuizen, Roel van; Vorjohann, Pauline; Winter, Joachim
    Erschienen: [2023]
    Verlag:  Collaborative Research Center Transregio 190, [München]

    Trust is an important condition for economic growth and other economic outcomes. Previous studies suggest that the decision to trust is driven by a combination of risk attitudes, distributional preferences, betrayal aversion, and beliefs about the... mehr

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    Trust is an important condition for economic growth and other economic outcomes. Previous studies suggest that the decision to trust is driven by a combination of risk attitudes, distributional preferences, betrayal aversion, and beliefs about the probability of being reciprocated. We compare the results of a binary trust game to the results of a series of control treatments that by design remove the effect of one or more of these components of trust. This allows us to decompose variation in trust behavior into its underlying factors. Our results imply that beliefs are a key driver of trust, and that the additional components only play a role when beliefs about reciprocity are sufficiently optimistic. Our decomposition approach can be applied to other settings where multiple factors that are not mutually independent affect behavior. We discuss its advantages over the more traditional approach of controlling for measures of relevant factors derived from separate tasks in regressions, in particular with respect to measurement error and omitted variable bias.

     
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    Weitere Identifier:
    hdl: 10419/282145
    Schriftenreihe: Discussion paper / Rationality & Competition, CRC TRR 190 ; no. 454 (November 16, 2023)
    Schlagworte: trust; omitted-variable bias; measurement error
    Umfang: 1 Online-Ressource (circa 71 Seiten), Illustrationen