Data mining and the econometrics industry: comments on the papers of Mayer and of Hoover and Perez

Adrian Pagan and Michael Veall

Journal of Economic Methodology, 2001, vol. 7, issue 2, 211-216

Abstract: We maintain that the actions of researchers show that data mining is a necessary part of econometric inquiry. We analyse this phenomenon using the analogy of an industry producing a product (econometric analyses). There is a risk of selective reporting as Mayer indicates but we argue that other researchers (competition) will ensure that the sensitivity of truly important findings is checked. Hence, initial researchers have an incentive to analyse sensitivity from the beginning and so produce a quality product. Some suggestions are made towards encouraging this process. The 'general to specific' approach to data mining as promoted by Hoover and Perez can be valuable but it is premature to eliminate other strategies.

Keywords: Data Mining; Sensitivity Analysis; Robustness; General To Specific (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (2)

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DOI: 10.1080/13501780050045092

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