Econometric Causality
55 Pages Posted: 23 May 2008
There are 2 versions of this paper
Econometric Causality
Econometric Causality
Abstract
This paper presents the econometric approach to causal modeling. It is motivated by policy problems. New causal parameters are defined and identified to address specific policy problems. Economists embrace a scientific approach to causality and model the preferences and choices of agents to infer subjective (agent) evaluations as well as objective outcomes. Anticipated and realized subjective and objective outcomes are distinguished. Models for simultaneous causality are developed. The paper contrasts the Neyman-Rubin model of causality with the econometric approach.
Keywords: anticipated vs. realized outcomes, subjective and objective evaluations, Neyman-Rubin model, Roy model, econometrics, causality, counterfactuals, treatment effects
JEL Classification: B41
Suggested Citation: Suggested Citation
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