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In the quest for economic significance: assessing variable importance through mean value decomposition
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
Jönköping University, Jönköping International Business School, JIBS, Economics, Finance and Statistics.
Blekinge Institute of Technology.
2013 (English)Report (Refereed)
Abstract [en]

Economic significance is frequently assessed through statistical hypothesis testing. This habitual use is, however, usually not matching with the implicit economical questions being addressed. In this paper we propose using mean value decomposition to assess economic significance. Unlike most previously suggested methods the proposed one is intuitive and simple to conduct. The technique is demonstrated and contrasted with hypothesis tests by an empirical example involving the income of Mexican children, which shows that the two inference approaches provide different and supplementary pieces of information.

Place, publisher, year, edition, pages
2013. , 16 p.
Series
CESIS Working Paper Series in Economics and Institutions of Innovation, 326
Keyword [en]
conditioning, economic significance, regression analysis, mean value decomposition, goodness-of-fit
National Category
Probability Theory and Statistics Economics
Identifiers
URN: urn:nbn:se:hj:diva-23166OAI: oai:DiVA.org:hj-23166DiVA: diva2:689719
Available from: 2014-01-21 Created: 2014-01-21 Last updated: 2014-03-05Bibliographically approved

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CiteExportLink to record
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