Non-Standard Errors
58 Pages Posted: 8 Dec 2021
There are 3 versions of this paper
Nonstandard Errors
Non-Standard Errors
Date Written: 2021
Abstract
In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in sample estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty: non-standard errors. To study them, we let 164 teams test six hypotheses on the same sample. We find that non-standard errors are sizeable, on par with standard errors. Their size (i) co-varies only weakly with team merits, reproducibility, or peer rating, (ii) declines significantly after peer-feedback, and (iii) is underestimated by participants.
Keywords: non-standard errors, multi-analyst approach, liquidity
JEL Classification: C120, C180, G100, G140
Suggested Citation: Suggested Citation