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Econometric Causality
Article first published online: 7 MAR 2008
DOI: 10.1111/j.1751-5823.2007.00024.x
2008 The Authors. Journal compilation © 2008 International Statistical Institute
Additional Information
How to Cite
Heckman, J. J. (2008), Econometric Causality. International Statistical Review, 76: 1–27. doi: 10.1111/j.1751-5823.2007.00024.x
Publication History
- Issue published online: 7 MAR 2008
- Article first published online: 7 MAR 2008
- [Received March 2005, accepted August 2007]
- Abstract
- Article
- References
- Cited By
Keywords:
- Causality;
- econometrics;
- Roy model;
- Neyman–Rubin model;
- subjective and objective evaluations;
- anticipated vs. realized outcomes;
- counterfactuals;
- treatment effects
Summary
This paper presents the econometric approach to causal modelling. It is motivated by policy problems. New causal parameters are defined and identified to address specific policy problems. Economists embrace a scientific approach to causality and model the preferences and choices of agents to infer subjective (agent) evaluations as well as objective outcomes. Anticipated and realized subjective and objective outcomes are distinguished. Models for simultaneous causality are developed. The paper contrasts the Neyman–Rubin model of causality with the econometric approach.