Econometric Causality

55 Pages Posted: 23 May 2008

See all articles by James J. Heckman

James J. Heckman

University of Chicago - Department of Economics; National Bureau of Economic Research (NBER); American Bar Foundation; Institute for the Study of Labor (IZA); CESifo (Center for Economic Studies and Ifo Institute)

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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

Heckman, James J., Econometric Causality. , Vol. , pp. -, . Available at SSRN: https://ssrn.com/abstract=1136230 or http://dx.doi.org/10.1111/j.0042-7092.2007.00700.x

James J. Heckman (Contact Author)

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