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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.
DOXA - Amorphica
Aaron Gutierrez
Georgina Muñoz
Roberto Gutiérrez
Gabriel Alejos
Aldo Cano
Mariana Gutiérrez
Héctor Martinez
DOXA - Amorphica
Aaron Gutierrez
Georgina Muñoz
Roberto Gutiérrez
Gabriel Alejos
Aldo Cano
Mariana Gutiérrez
Héctor Martinez
DOXA - Amorphica
Aaron Gutierrez
Georgina Muñoz
Roberto Gutiérrez
Gabriel Alejos
Aldo Cano
Mariana Gutiérrez
Héctor Martinez
...it is so great to be able to take your books anywhere. You can go to the lake, to a park, stay at home, lie in the sofa or anywhere else. That is as long as you study...here some study essentials for the park: sunhat, Ipod and car keys.
Taken in High Point park behind my apartment.
FinData day
Alistair Croll (Solve For Interesting), Juan Huerta (Goldman Sachs Consumer Lending Group), Robert Passarella (Protege Partners), Giannina Segnini (Journalism School, Columbia University), Mar Cabra (International Consortium of Investigative Journalists), Anand Sanwal (CB Insights), Michael Casey (MIT Media Lab), Diane Chang (Intuit), Jeff McMillan (Morgan Stanley), Tanvi Singh (Credit Suisse), Kelley Yohe (Swift Capital), Michelle Bonat (Data Simply), Susan Woodward (Sand Hill Econometrics), Robert Passarella (Protege Partners)
DOXA - Amorphica
Aaron Gutierrez
Georgina Muñoz
Roberto Gutiérrez
Gabriel Alejos
Aldo Cano
Mariana Gutiérrez
Héctor Martinez
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.
Les Binet is the dynamic wunderbrain behind DDB Matrix, our econometrics team. Les and his team is the key to DDB London's record eight IPA effectiveness awards papers reaching this year's shortlist. Could another Effectiveness Agency of the Year be beckoning?