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In the quest for economic significance: assessing variable importance through mean value decomposition
Linnaeus University, School of Business and Economics, Department of Economics and Statistics. Jönköping Int Business Sch.
Jönköping Int Business Sch.
Blekinge Institute of Technology.
2014 (English)In: Applied Economics Letters, ISSN 1350-4851, E-ISSN 1466-4291, Vol. 21, no 8, p. 545-549Article in journal (Refereed) Published
Abstract [en]

Economic significance is frequently assessed through statistical hypothesis testing, which however, does not always correspond to the implicit economical questions being addressed. In this article we propose using mean value decomposition to assess economic significance. Unlike most previously suggested methods the proposed one is intuitive and simple to conduct. The technique is demonstrated and contrasted with hypothesis tests by an empirical example involving the income of Mexican children, which shows that the two inference approaches provide different and supplementary pieces of information.

Place, publisher, year, edition, pages
2014. Vol. 21, no 8, p. 545-549
Keywords [en]
mean value decomposition, goodness-of-fit, conditioning, regression analysis, economic significance
National Category
Economics
Research subject
Economy
Identifiers
URN: urn:nbn:se:lnu:diva-33971DOI: 10.1080/13504851.2013.872757ISI: 000332196800008Scopus ID: 2-s2.0-84895766784OAI: oai:DiVA.org:lnu-33971DiVA, id: diva2:713730
Available from: 2014-04-24 Created: 2014-04-24 Last updated: 2018-11-01Bibliographically approved

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Holgersson, Thomas

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