Challenges in Empirical Research in Economics: The Way Forward

Keijiro Otsuka (), Yuki Higuchi and Aya Suzuki

Chapter Chapter 4 in Next-Generation of Empirical Research in Economics, 2024, pp 57-78 from Springer

Abstract: Abstract This chapter compares randomized controlled trialsRandomized Controlled Trial (RCT) (RCTs) and natural experimentsNatural Experiments (NE) (NEs), the two major approaches adopted in the credibility revolutionCredibility revolution. Section 4.2 examines the trends in these two approaches in major economic journals based on originally constructed data. Section 4.3 discusses the similarities, differences, limitations, and advantages of RCTsRandomized Controlled Trial (RCT) and NEs. Based on this, Sect. 4.4 discusses what researchers should do to conduct reliable empirical research while reconsidering the interpretation of the evidence pyramidEvidence pyramid. Section 4.5 considers what researchers can learn from pioneering studies that used these two approaches at an early stage of the credibility revolution. The authors conclude that research based on an understanding of field realityUnderstanding of field reality and economic theory is essential for the continuation and deepening of the revolution.

Date: 2024
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DOI: 10.1007/978-981-97-1887-0_4

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