Non-standard errors

Albert Menkveld, Anna Dreber, Felix Holzmeister, Jürgen Huber, Magnus Johannesson, Michael Kirchler, Sebastian Neusüss, Michael Razen and Utz Weitzel
Authors registered in the RePEc Author Service: Thomas P. Gehrig

No 327, SAFE Working Paper Series from Leibniz Institute for Financial Research SAFE

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: non-standard errors; multi-analyst approach; liquidity (search for similar items in EconPapers)
JEL-codes: C12 C18 G1 G14 (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-exp
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/247663/1/1782061983.pdf (application/pdf)

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Working Paper: Non-Standard Errors (2021)
Working Paper: Non-Standard Errors (2021)
Working Paper: Non-Standard Errors (2021)
Working Paper: Non-Standard Errors (2021)
Working Paper: Non-Standard Errors (2021)
Working Paper: Non-Standard Errors (2021)
Working Paper: Non-Standard Errors (2021)
Working Paper: Non-Standard Errors (2021)
Working Paper: Non-standard errors (2021)
Working Paper: Non-standard errors (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:safewp:327

DOI: 10.2139/ssrn.3961574

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