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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.
Department of Industrial Economics, Blekinge Institute of Technology, Karlskrona, Sweden.
2014 (English)In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 21, no 8, 545-549 p.Article in journal (Refereed) Published
Abstract [en]

Economic significance is frequently assessed through statistical hypothesis testing, which however, does not always correspond to the implicit economical questions being addressed. In this article 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
2014. Vol. 21, no 8, 545-549 p.
Keyword [en]
mean value decomposition, goodness-of-fit, conditioning, regression analysis, economic significance
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-25915DOI: 10.1080/13504851.2013.872757ISI: 000332196800008OAI: oai:DiVA.org:hj-25915DiVA: diva2:789188
Available from: 2015-02-18 Created: 2015-02-18 Last updated: 2017-07-12Bibliographically approved

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