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Data mining and the econometrics industry: comments on the papers of Mayer and of Hoover and Perez

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  • Adrian Pagan
  • Michael Veall

Abstract

We maintain that the actions of researchers show that data mining is a necessary part of econometric inquiry. We analyse this phenomenon using the analogy of an industry producing a product (econometric analyses). There is a risk of selective reporting as Mayer indicates but we argue that other researchers (competition) will ensure that the sensitivity of truly important findings is checked. Hence, initial researchers have an incentive to analyse sensitivity from the beginning and so produce a quality product. Some suggestions are made towards encouraging this process. The 'general to specific' approach to data mining as promoted by Hoover and Perez can be valuable but it is premature to eliminate other strategies.

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  • Adrian Pagan & Michael Veall, 2001. "Data mining and the econometrics industry: comments on the papers of Mayer and of Hoover and Perez," Journal of Economic Methodology, Taylor & Francis Journals, vol. 7(2), pages 211-216.
    • Handle: RePEc:taf:jecmet:v:7:y:2001:i:2:p:211-216
    DOI: 10.1080/13501780050045092
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    Cited by:

    1. Thomas Mayer, 2006. "The Empirical Significance of Econometric Models," Working Papers 620, University of California, Davis, Department of Economics.
    2. Adam Okulicz-Kozaryn, 2014. "‘Freedom From’ and ‘Freedom To’ Across Countries," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 118(3), pages 1009-1029, September.

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