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Revisiting Tobin's 1950 Study of Food Expenditure

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  • Leamer, Edward E

Abstract

This re-analysis of Tobin's (l950)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; and (3) clear identification of the issues can help keep the enterprise from wandering off in technically amusing but largely irrelevant directions.

Suggested Citation

  • Leamer, Edward E, 1997. "Revisiting Tobin's 1950 Study of Food Expenditure," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 12(5), pages 533-553, Sept.-Oct.
    • Handle: RePEc:jae:japmet:v:12:y:1997:i:5:p:533-53
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    Cited by:

    1. Shiyuan Chen & Sally Wallace, 2009. "Food Consumption in Jamaica: A Household and Social Behavior," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0901, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    2. Neil R. Ericsson, 2008. "The Fragility of Sensitivity Analysis: An Encompassing Perspective," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 70(s1), pages 895-914, December.
    3. Blattenberger, Gail & Fowles, Richard & Loeb, Peter D., 2013. "Determinants of motor vehicle crash fatalities using Bayesian model selection methods," Research in Transportation Economics, Elsevier, vol. 43(1), pages 112-122.

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