Practical Significance, Meta-Analysis and the Credibility of Economics

53 Pages Posted: 29 Jul 2019

See all articles by T. D. Stanley

T. D. Stanley

Deakin University

Hristos Doucouliagos

Deakin University - School of Accounting, Economics and Finance

Date Written: July 2019

Abstract

Recently, there has been much discussion about replicability and credibility. By integrating the full research record, increasing statistical power, reducing bias and enhancing credibility, meta-analysis is widely regarded as 'best evidence'. Through Monte Carlo simulation, closely calibrated on the typical conditions found among 6,700 economics research papers, we find that large biases and high rates of false positives will often be found by conventional meta-analysis methods. Nonetheless, the routine application of meta-regression analysis and considerations of practical significance largely restore research credibility.

Keywords: meta-analysis, meta-regression, publication bias, credibility, simulations

JEL Classification: C10, C12, C13, C40

Suggested Citation

Stanley, Tom D. and Doucouliagos, Chris (Hristos), Practical Significance, Meta-Analysis and the Credibility of Economics (July 2019). IZA Discussion Paper No. 12458, Available at SSRN: https://ssrn.com/abstract=3427595 or http://dx.doi.org/10.2139/ssrn.3427595

Tom D. Stanley (Contact Author)

Deakin University

75 Pigdons Road
Victoria, Victoria 3216
Australia

Chris (Hristos) Doucouliagos

Deakin University - School of Accounting, Economics and Finance ( email )

Burwood, Victoria 3215
Australia

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