Non-Standard Errors
Utz Weitzel,
Michael Razen,
Sebastian Neussüs,
Michael Kirchler,
Magnus Johannesson,
Juergen Huber,
Felix Holzmeister,
Anna Dreber,
Albert Menkveld and
Javier Gil-Bazo
Authors registered in the RePEc Author Service: Thomas P. Gehrig and
Christian T. Brownlees
No 1303, Working Papers from Barcelona School of Economics
Abstract:
In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in sample estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty: non-standard errors. To study them, we let 164 teams test six hypotheses on the same sample. We find that non-standard errors are sizeable, on par with standard errors. Their size (i) co-varies only weakly with team merits, reproducibility, or peer rating, (ii) declines significantly after peer-feedback, and (iii) is underestimated by participants.
Keywords: liquidity; non-standard errors; multi-analyst approach (search for similar items in EconPapers)
JEL-codes: C12 C18 G1 G14 (search for similar items in EconPapers)
Date: 2021-12
New Economics Papers: this item is included in nep-exp
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https://bw.bse.eu/wp-content/uploads/2021/12/1303-file.pdf (application/pdf)
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