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Conventional Wisdom, Meta-Analysis, and Research Revision in Economics

Author

Listed:
  • Sebastian Gechert

    (Chemnitz University of Technology, FMM Fellow)

  • Bianka Mey

    (Chemnitz University of Technology)

  • Matej Opatrny

    (Charles University Prague)

  • Tomas Havranek

    (Institute of Economic Studies, Faculty of Social Sciences, Charles University Prague, CEPR, London, Meta-Research Innovation Center at Stanford)

  • T. D. Stanley

    (Department of Economics Deakin University, Meta-Research Innovation Center at Stanford)

  • Pedro R. D. Bom

    (Deusto Business School, University of Deusto)

  • Hristos Doucouliagos

    (Department of Economics, Deakin University, IZA Bonn)

  • Philipp Heimberger

    (Vienna Institute for International Economic Studies (wiiw), FMM Fellow)

  • Zuzana Irsova

    (Anglo-American University, Prague)

  • Heiko J. Rachinger

    (Universitat de les Illes Balears, Mallorca)

Abstract

Over the past several decades, meta-analysis has emerged as a widely accepted tool to understand economics research. Meta-analyses often challenge the established conventional wisdom of their respective fields. We systematically review a wide range of influential meta-analyses in economics and compare them to 'conventional wisdom'. After correcting for observable biases, the empirical economic effects are typically much closer to zero and sometimes switch signs. Typically, the relative reduction in effect sizes is 45-60%.

Suggested Citation

  • 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.
    • Handle: RePEc:tch:wpaper:cep061
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    More about this item

    Keywords

    meta-analysis; systematic review; conventional wisdom;
    All these keywords.

    JEL classification:

    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General

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    1. Meta-Research in Economics

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