Information Recovery and Causality: A Tribute to George Judge

Gordon Rausser and David Bessler ()

Annual Review of Resource Economics, 2016, vol. 8, issue 1, 7-23

Abstract: In Professor George Judge's pursuit of information recovery and isolating causality in noisy effects observational data, there is a critical distinction between deductive and inductive empirical analysis. For the former, we bring together a synthesis of the literature that has emerged since Koopmans' measurement with theory philosophy. For the latter, we present a host of methodologies that attempt to isolate the causal mechanisms existing in patterns revealed in noisy measurement data. The deductive focus is limited by available theoretical constructs, whereas the inductive focus is fraught with data mining complications, ultimately finding its potential validation in forecasting.

Keywords: econometrics; causality; forecasting; big data; econometric paradigms; maintained hypotheses; data mining (search for similar items in EconPapers)
JEL-codes: C51 C52 C53 C55 (search for similar items in EconPapers)
Date: 2016
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