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Challenges in Empirical Research in Economics: The Way Forward

In: Next-Generation of Empirical Research in Economics

Author

Listed:
  • Keijiro Otsuka

    (Kobe University)

  • Yuki Higuchi

    (Sophia University)

  • Aya Suzuki

    (The University of Tokyo)

Abstract

This chapter compares randomized controlled trialsRandomized Controlled Trial (RCT) (RCTs) and natural experimentsNatural Experiments (NE) (NEs), the two major approaches adopted in the credibility revolutionCredibility revolution. Section 4.2 examines the trends in these two approaches in major economic journals based on originally constructed data. Section 4.3 discusses the similarities, differences, limitations, and advantages of RCTsRandomized Controlled Trial (RCT) and NEs. Based on this, Sect. 4.4 discusses what researchers should do to conduct reliable empirical research while reconsidering the interpretation of the evidence pyramidEvidence pyramid. Section 4.5 considers what researchers can learn from pioneering studies that used these two approaches at an early stage of the credibility revolution. The authors conclude that research based on an understanding of field realityUnderstanding of field reality and economic theory is essential for the continuation and deepening of the revolution.

Suggested Citation

  • Keijiro Otsuka & Yuki Higuchi & Aya Suzuki, 2024. "Challenges in Empirical Research in Economics: The Way Forward," Springer Books, in: Keijiro Otsuka & Takashi Kurosaki & Yasuyuki Sawada & Tetsushi Sonobe (ed.), Next-Generation of Empirical Research in Economics, chapter 0, pages 57-78, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-1887-0_4
    DOI: 10.1007/978-981-97-1887-0_4
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