Non-standard errors
Albert J. Menkveld, Anna Dreber, Felix Holzmeister, Juergen Huber, Magnus Johannesson, Michael Kirchler, Sebastian Neusüss, Michael Razen, Utz Weitzel [und 334 weitere]
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.
Year of publication: |
[2021]
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Authors: | Menkveld, Albert J. ; Dreber, Anna ; Holzmeister, Felix ; Huber, Jürgen ; Johannesson, Magnus ; Kirchler, Michael ; Neusüß, Sebastian ; Razen, Michael ; Weitzel, Utz |
Publisher: |
[Frankfurt am Main] : [Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe] |
Subject: | non-standard errors | multi-analyst approach | liquidity | Statistischer Fehler | Statistical error | Streuungsmaß | Measure of dispersion | Wissenschaftler | Scientists | Wissenschaftliche Methode | Scientific method | Theorie | Theory |
Saved in:
freely available
Extent: | 1 Online-Ressource (circa 56 Seiten) Illustrationen |
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Series: | SAFE working paper. - Frankfurt am Main : SAFE, ZDB-ID 2745463-0. - Vol. [no. 327] |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper |
Language: | English |
Other identifiers: | hdl:10419/247663 [Handle] |
Classification: | C12 - Hypothesis Testing ; c18 ; G1 - General Financial Markets ; G14 - Information and Market Efficiency; Event Studies |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10012697209