We propose a way to formalize the relationship between descriptive analysis and structural estimation. A researcher reports an estimate ĉ of a structural quantity of interest c that is exactly or asymptotically unbiased under some base model. The researcher also reports descriptive statistics that estimate features γ of the distribution of the data that are related to c under the base model. A reader entertains a less restrictive model that is local to the base model, under which the estimate ĉ may be biased. We study the reduction in worst‐case bias from a restriction that requires the reader's model to respect the relationship between c and γ specified by the base model. Our main result shows that the proportional reduction in worst‐case bias depends only on a quantity we call the informativeness of for ĉ. Informativeness can be easily estimated even for complex models. We recommend that researchers report estimated informativeness alongside their descriptive analyses, and we illustrate with applications to three recent papers.
MLA
Andrews, Isaiah, et al. “On the Informativeness of Descriptive Statistics for Structural Estimates.” Econometrica, vol. 88, .no 6, Econometric Society, 2020, pp. 2231-2258, https://doi.org/10.3982/ECTA16768
Chicago
Andrews, Isaiah, Matthew Gentzkow, and Jesse M. Shapiro. “On the Informativeness of Descriptive Statistics for Structural Estimates.” Econometrica, 88, .no 6, (Econometric Society: 2020), 2231-2258. https://doi.org/10.3982/ECTA16768
APA
Andrews, I., Gentzkow, M., & Shapiro, J. M. (2020). On the Informativeness of Descriptive Statistics for Structural Estimates. Econometrica, 88(6), 2231-2258. https://doi.org/10.3982/ECTA16768
The Executive Committee of the Econometric Society has approved an increase in the submission fees for papers in Econometrica. Starting January 1, 2025, the fee for new submissions to Econometrica will be US$125 for regular members and US$50 for student members.
By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device. Cookies are used to optimize your experience and anonymously analyze website performance and traffic.