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A model of the representative economist, as researcher and policy advisor

Martin Paldam

European Journal of Political Economy, 2018, vol. 54, issue C, 5-15

Abstract: Econ is the representative academic economist who behaves as predicted by economic theory. The paper considers an important parameter β. It assumes that economic theory predicts the sign on β, and that an empirical literature of M papers exists about β. Two cases are considered: (C1) Econ is in the academic career writing a paper with a new estimate of β. (C2) Econ is advising the Minister who is in charge of a policy using β. Economic theory gives a clear prediction in both cases: The size of β will be exaggerated in (C1) and even more in (C2).

Keywords: Rational economist; Publication bias (search for similar items in EconPapers)
JEL-codes: B4 D24 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:eee:poleco:v:54:y:2018:i:c:p:5-15