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The use of RCTs has a long history in economics, but has recently greatly expanded, particularly in economic development. Like other econometric methods, RCTs are often informative, but like other econometric methods, they have problems and pitfalls that are not always fully understood. Common misunderstandings include balance, standard errors and inference, and blinding. We argue that the concepts of internal and external validity as commonly used are unhelpful. We focus on how to use the results of RCTs, arguing that simple replication is rarely useful, but rather that the results of RCTs need to be combined with other knowledge and evidence, and used as part of a serious economic analysis. Examples are provided along the way.
Machine learning techniques are being actively pursued in the private sector and have been widely adopted in fields such as computational biology and computer vision. However, the role of machine learning in economics has so far been limited. This workshop was organized to provide a forum to discuss how ideas and techniques from machine learning could be applied to economic questions. The workshop will bring together researchers from computer science, statistics, econometrics and applied economics to foster interactions and discuss different perspectives on statistical learning and its potential impact on economics.
The workshop began with overview talks on machine learning and statistics by researchers from outside of economics. Three following sessions were organized around the themes of causal inference, prediction, and networks and complex data. Each session included the presentation of papers in economics that make use of machine learning methodology, followed by a discussion by researchers from multiple communities.
Paul Klemperer - Eddeworth Professor of Economics, Oxford - 2015 Australian Conference of Economics, Queensland University of Technology-Gardens Point Campus, Brisbane, July 09, 2015. Picture-Patrick Hamilton / Economic Society of Australia QLD 2015
Maximilian Kasy, Assistant Professor of Economics at Harvard University, presents his paper "Who Wins, Who Loses? Tools for Distributional Policy Evaluation."
More info: bfi.uchicago.edu/events/interactions-bringing-together-ec...
Cervezartistas Brew House
Aaron Gutierrez
Georgina Muñoz
Roberto Gutiérrez
Gabriel Alejos
Aldo Cano
Mariana Gutiérrez
Héctor Martinez
James Heckman (University of Chicago) talks with a young econometrician between sessions at the Interactions conference. More info: bfi.uchicago.edu/events/interactions-bringing-together-ec...
Aaron Gutierrez
Georgina Muñoz
Roberto Gutiérrez
Gabriel Alejos
Aldo Cano
Mariana Gutiérrez
Héctor Martinez
Lars Peter Hansen, 2013 Nobel laureate, is a world-class researcher in economic dynamics, econometrics and uncertainty. In this talk, taking place at the Chicago Booth Hong Kong Center, he discussed the impact of uncertainty on markets and the economy.
Fabrizio Carmigiani - 2015 Australian Conference of Economics, Queensland University of Technology-Gardens Point Campus, Brisbane, July 09, 2015. Picture-Patrick Hamilton / Economic Society of Australia QLD 2015
Dr Ric Simes - 2015 Australian Conference of Economics, Queensland University of Technology-Gardens Point Campus, Brisbane, July 09, 2015. Picture-Patrick Hamilton / Economic Society of Australia QLD 2015
Fabrizio Carmigiani - 2015 Australian Conference of Economics, Queensland University of Technology-Gardens Point Campus, Brisbane, July 09, 2015. Picture-Patrick Hamilton / Economic Society of Australia QLD 2015
Richard Blundell (University College London) discusses the work of Patrick Kline's paper "Bounding the Labor Supply Responses to a Randomized Welfare Experiment: A Revealed Preference Approach."
More info: bfi.uchicago.edu/events/interactions-bringing-together-ec...