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More Phantom Than Menace1

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  • Kevin A. Clarke

Abstract

In this article, I address whether the inclusion of control variables in the hopes of getting an unbiased estimate of the residual variance is a good reason for the inclusion of control variables. I conclude that the inclusion of an additional control variable is unlikely to decrease the estimated standard errors and that the tradeoffs involved with including a new control variable are simply too large.

Suggested Citation

  • Kevin A. Clarke, 2012. "More Phantom Than Menace1," Conflict Management and Peace Science, Peace Science Society (International), vol. 29(2), pages 239-241, April.
    • Handle: RePEc:sae:compsc:v:29:y:2012:i:2:p:239-241
    DOI: 10.1177/0738894211433170
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    References listed on IDEAS

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    1. Vance, Colin & Ritter, Nolan, 2012. "The Phantom Menace of Omitted Variables. A Comment," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 29(2), pages 233-238.
    2. Joshua D. Angrist & Jörn-Steffen Pischke, 2009. "Mostly Harmless Econometrics: An Empiricist's Companion," Economics Books, Princeton University Press, edition 1, number 8769.
    3. Colin Vance & Nolan Ritter, 2012. "The Phantom Menace of Omitted Variables," Conflict Management and Peace Science, Peace Science Society (International), vol. 29(2), pages 233-238, April.
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    Cited by:

    1. Siti Nur Zahara HAMZAH & Evan LAU, 2013. "The role of social factors in explaining crime," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(6(583)), pages 99-118, June.

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