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Methods Used in Economic Research: An Empirical Study of Trends and Levels

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  • Paldam Martin

    (Department of Economics and Business, Aarhus University, Fuglesangs Allé 4, DK-8210 Aarhus V, Denmark)

Abstract

The methods used in economic research are analyzed on a sample of all 3,415 regular research papers published in 10 general interest journals every 5th year from 1997 to 2017. The papers are classified into three main groups by method: theory, experiments, and empirics. The theory and empirics groups are almost equally large. Most empiric papers use the classical method, which derives an operational model from theory and runs regressions. The number of papers published increases by 3.3% p.a. Two trends are highly significant: The fraction of theoretical papers has fallen by 26 pp (percentage points), while the fraction of papers using the classical method has increased by 15 pp. Economic theory predicts that such papers exaggerate, and the papers that have been analyzed by meta-analysis confirm the prediction. It is discussed if other methods have smaller problems.

Suggested Citation

  • Paldam Martin, 2021. "Methods Used in Economic Research: An Empirical Study of Trends and Levels," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 15(1), pages 28-42, January.
    • Handle: RePEc:bpj:econoa:v:15:y:2021:i:1:p:28-42:n:12
    DOI: 10.1515/econ-2021-0003
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    References listed on IDEAS

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    Cited by:

    1. Sebastian Gechert & Bianka Mey & Matej Opatrny & Tomas Havranek & T. D. Stanley & Pedro R. D. Bom & Hristos Doucouliagos & Philipp Heimberger & Zuzana Irsova & Heiko J. Rachinger, 2023. "Conventional Wisdom, Meta-Analysis, and Research Revision in Economics," Chemnitz Economic Papers 061, Department of Economics, Chemnitz University of Technology.

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    More about this item

    Keywords

    research methods; survey of journals;

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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