The International Association for Research in Economic Psychology is maintaining a website devoted to graduate programmes in behavioural economics and economic psychology. Please email Ofer Azar (address at the link below) if you know of other programmes in this area
http://www.iarep.org/graduateprograms.htm
Friday, October 31, 2008
Reminder: Book Club
A quick reminder that we'll be discussing 'A Theory of Justice' (1971) by John Rawls at the next round of the book club. The meeting will take place in 'The Duke' pub off Grafton St., at 7.30 pm on Tuesday 4th November.
It is not possible to get the book for free online, but you can read extracts (though not print) thanks to Google and Oxford Press: here
Some Background Information:
John Rawls (February 21, 1921 – November 24, 2002) was an American philosopher, a professor of political philosophy at Harvard University and author of A Theory of Justice (1971), revised in 1975 and 1999. Rawls was a recipient of the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999, the latter presented by President Bill Clinton, in recognition of how Rawls's thought "helped a whole generation of learned Americans revive their faith in democracy itself."
It is not possible to get the book for free online, but you can read extracts (though not print) thanks to Google and Oxford Press: here
Some Background Information:
John Rawls (February 21, 1921 – November 24, 2002) was an American philosopher, a professor of political philosophy at Harvard University and author of A Theory of Justice (1971), revised in 1975 and 1999. Rawls was a recipient of the Schock Prize for Logic and Philosophy and the National Humanities Medal in 1999, the latter presented by President Bill Clinton, in recognition of how Rawls's thought "helped a whole generation of learned Americans revive their faith in democracy itself."
Thursday, October 30, 2008
Behavioural Economics and Financial Regulation
The Nudge blog pointed me to a new paper on behavioural economics and financial regulation by Shafir, Barr and Mullainathan
http://www.newamerica.net/files/naf_behavioral_v5.pdf
http://www.newamerica.net/files/naf_behavioral_v5.pdf
Reminder: Economics and Psychology Conference Maynooth
A one-day conference on Economics and Psychology will take place in NUIM on November 7th. The purpose of this event is to provide a forum for the discussion of work at the interface of economics, psychology and cognate disciplines such as neuroscience. The event is co-organized by the Department of Economics, Finance and Accounting in Maynooth and the UCD Geary Institute. The International Association for Research in Economic Psychology (IAREP) is the relevant international body and we would encourage attendees to consider joining this group. All are welcome and there is no registration fee. Please contact Liam Delaney ( Liam.Delaney@ucd.ie) to confirm attendance. The event will take place in the Physics Hall in Maynooth, which is on the South Campus. The Physics Theatre is number 8 on the map provided below.
http://www.nuim.ie/location/maps/south.shtml
Further details are available below
http://geary.ucd.ie/behaviour/index.php/Home/One-Day-Symposium.html
http://www.nuim.ie/location/maps/south.shtml
Further details are available below
http://geary.ucd.ie/behaviour/index.php/Home/One-Day-Symposium.html
Wednesday, October 29, 2008
Working With Missing Data in Survey Analysis
A new working paper from NUIM Economics addresses the issue of missing data in probit estimation: "An Efficient Estimator for Dealing with Missing Data on Explanatory Variables in a Probit Choice Model", (Denis Conniffe and Donal O’Neill). According to the authors, a common approach to dealing with missing data in econometrics is to estimate the model on the common subset of data, thereby throwing away potentially useful data. The authors wish to avoid case-deletion --- in the particular context of a probit model with missing data on the explanatory variables; so they develop a new estimator. Their simulation results show that the new estimator performs well when compared to popular alternatives, such as complete case analysis and multiple imputation.
A few of us have been discussing missing data and how to address it (mostly with multiple imputation) recently. Below is a list of some resources we have found. If anyone else is aware of other missing data lecture-notes, multiple imputation software packages or relevant econometric estimators, I suggest that we build up a list in the comments on this post.
(i) The NBER econometrics video (and lecture-notes) on missing values - this is done by Woolridge: http://www.nber.org/WNE/lect_12_missing.pdf
(ii) The Gary King lecture-notes on missing values: http://gking.harvard.edu/g2001syl/files/eviltlkP.pdf These notes mention the software package developed by Gary King to implement multiple imputation of missing values. The package is called Amelia and there is a comprehensive guide to it made available by King here: http://gking.harvard.edu/amelia/
(In general, the King site has some great notes - available here)
(iii) A political science lecturer from UCD called Jos Elkink has some lecture-notes on missing values: http://jaeweb.cantr.net/aqm_2008_lecture_missing.pdf
(iv) The multiple imputation FAQ page: http://www.stat.psu.edu/~jls/mifaq.html#ref
(v) http://www.multiple-imputation.com/
(vi) Stephen Soldz's resources for missing data: http://www.soldzresearch.com/statisticsresources.htm#MissingData
(vii) The Southampton CASS course on missing values: http://www.s3ri.soton.ac.uk/cass/showcourse.php?id=71
(viii) The course from the Cambridge Biostatistics Unit (Patrick Royston is one of the lecturers here): http://www.mrc-bsu.cam.ac.uk/MIcourse/index.shtml
(ix) The ICE software package in STATA: http://www.ats.ucla.edu/stat/Stata/library/ice.htm
(x) The Hotdeck module in STATA: http://ideas.repec.org/c/boc/bocode/s366901.html
(xi) David Howell's notes on working with missing data:
http://www.uvm.edu/~dhowell/StatPages/More_Stuff/Missing_Data/Missing.html
(xii) Joe Schafer's notes on missing data in longitudinal studies:
http://www.stat.psu.edu/~jls/aaps_schafer.pdf
(xiii) Richard Williams' notes on missing data (including traditional approaches in STATA): http://www.nd.edu/~rwilliam/stats2/l12.pdf
(xiv) A book on missing data by Patrick E McKnight et al., made partially available by Googlebooks here
A few of us have been discussing missing data and how to address it (mostly with multiple imputation) recently. Below is a list of some resources we have found. If anyone else is aware of other missing data lecture-notes, multiple imputation software packages or relevant econometric estimators, I suggest that we build up a list in the comments on this post.
(i) The NBER econometrics video (and lecture-notes) on missing values - this is done by Woolridge: http://www.nber.org/WNE/lect_12_missing.pdf
(ii) The Gary King lecture-notes on missing values: http://gking.harvard.edu/g2001syl/files/eviltlkP.pdf These notes mention the software package developed by Gary King to implement multiple imputation of missing values. The package is called Amelia and there is a comprehensive guide to it made available by King here: http://gking.harvard.edu/amelia/
(In general, the King site has some great notes - available here)
(iii) A political science lecturer from UCD called Jos Elkink has some lecture-notes on missing values: http://jaeweb.cantr.net/aqm_2008_lecture_missing.pdf
(iv) The multiple imputation FAQ page: http://www.stat.psu.edu/~jls/mifaq.html#ref
(v) http://www.multiple-imputation.com/
(vi) Stephen Soldz's resources for missing data: http://www.soldzresearch.com/statisticsresources.htm#MissingData
(vii) The Southampton CASS course on missing values: http://www.s3ri.soton.ac.uk/cass/showcourse.php?id=71
(viii) The course from the Cambridge Biostatistics Unit (Patrick Royston is one of the lecturers here): http://www.mrc-bsu.cam.ac.uk/MIcourse/index.shtml
(ix) The ICE software package in STATA: http://www.ats.ucla.edu/stat/Stata/library/ice.htm
(x) The Hotdeck module in STATA: http://ideas.repec.org/c/boc/bocode/s366901.html
(xi) David Howell's notes on working with missing data:
http://www.uvm.edu/~dhowell/StatPages/More_Stuff/Missing_Data/Missing.html
(xii) Joe Schafer's notes on missing data in longitudinal studies:
http://www.stat.psu.edu/~jls/aaps_schafer.pdf
(xiii) Richard Williams' notes on missing data (including traditional approaches in STATA): http://www.nd.edu/~rwilliam/stats2/l12.pdf
(xiv) A book on missing data by Patrick E McKnight et al., made partially available by Googlebooks here
The Short- and Long-Term Career Effects of Graduating in a Recession
In keeping with the recent theme on this blog of papers related to recession, I thought some readers may be interested in a NBER paper from 2006 entitled "The Short- and Long-Term Career Effects of Graduating in a Recession" (Oreopoulos, von Wachter and Heisz). One hypothesis is that labour market shocks (such as those occurring during a recession) can have persistent effects on individuals' future earnings.
The authors analyse the long-term effects of graduating in a recession on earnings and job mobility. The data they use is a large sample of Canadian college graduates and matched university-employer-employee data from 1982 to 1999. They find that young graduates entering the labor market in a recession suffer significant initial earnings losses --- that eventually fade, but only after 8 to 10 years. They also document that there are individual differences in how recession affects post-graduation labour market circumstances.
The Oreopoulos, von Wachter and Heisz paper brings to mind another NBER paper (from last year) by Oyer; it was entitled "The Making of an Investment Banker: Macroeconomic Shocks, Career Choice, and Lifetime Income". It used a survey of Stanford MBAs from the classes of 1960 to 1997 to analyse the relationship between the state of the stock market at graduation, initial job placement, and long-term labor market outcomes. We discussed it on the blog here.
The authors analyse the long-term effects of graduating in a recession on earnings and job mobility. The data they use is a large sample of Canadian college graduates and matched university-employer-employee data from 1982 to 1999. They find that young graduates entering the labor market in a recession suffer significant initial earnings losses --- that eventually fade, but only after 8 to 10 years. They also document that there are individual differences in how recession affects post-graduation labour market circumstances.
The Oreopoulos, von Wachter and Heisz paper brings to mind another NBER paper (from last year) by Oyer; it was entitled "The Making of an Investment Banker: Macroeconomic Shocks, Career Choice, and Lifetime Income". It used a survey of Stanford MBAs from the classes of 1960 to 1997 to analyse the relationship between the state of the stock market at graduation, initial job placement, and long-term labor market outcomes. We discussed it on the blog here.
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