How Is Econometrics Changing? (Josh Angrist, Guido Imbens, Isaiah Andrews)

Nobel laureates Joshua Angrist and Guido Imbens examine how the field of econometrics is evolving with John Bates Clark award winner Isaiah Andrews. They explore the rise of regression discontinuity designs, creative uses of randomized trials, and how big tech is affecting economics. They also discuss how empirical problems should drive econometrics, their reaction to how LATE is being used, and the reduced form vs. structural debate. And finally, Guido Imbens (the editor of Econometrica), makes the case for shorter papers!
More about Guido Imbens: www.gsb.stanford.edu/faculty-...
More about Joshua Angrist: economics.mit.edu/faculty/ang...
More about Isaiah Andrews: scholar.harvard.edu/iandrews/...
00:00 - Intro
00:16 - Where are the fields of economics and econometrics heading?
04:27 - Empirical problems pushing econometric research
06:15 - Implausibly large IV estimates
07:44 - Reduced form vs. structural
09:29 - LATE intuition
10:31 - Shorter papers please
11:55 - The effect of big tech on economics

[@MarginalRevolutionUniversity]

This is Nobel Conversations episode 3 of 4. Watch the next episode here: mru.io/a20
Check out Josh Angrist’s Mastering Econometrics course: mru.io/vgg

[@laurachukwudi6892]

I absolutely love this channel. Just discovered it this today while studying for an Economics exam.

[@MarginalRevolutionUniversity]

Welcome aboard and thanks for the kind words!
-Roman

[@franciscolibanomonteiro3177]

Amazing!

[@ankursingh8296]

I think promoting graduate education via subsidisation will create a synergy between tech and academia which will create Pareto improvement in the long run and not an externality for people looking to get into acedimia.

[@dybenkog.5350]

What would be the intended meaning for the "reduced form models" that Gudio mentioned in 9:26?

[@MarginalRevolutionUniversity]

Check out our video on instrumental variables: mru.org/courses/mastering-econometrics/introduction-instrumental-variables-part-one
-Roman

[@jean-michelbendaci2564]

Congratulations for the Nobel prize.

[@jean-michelbendaci2564]

Walras Menger Jevons Jessua Gossen Hutchinson Jevons Menger Smith.

[@jean-michelbendaci2564]

Cochrane will be the next Nobel prize in finance 2024.

[@jean-michelbendaci2564]

Buchannan Coase Meade Marshall Jessua Pareto Faucheux Greenhood 💚 Preston Lesourd Pigou Noël Pearce Kula Baumol Preston Catin Laffont.