Publication bias in measuring intertemporal substitution

Arbeitspapier

I examine 2,735 estimates of the elasticity of intertemporal substitution in consumption (EIS) reported in 169 published studies. The literature shows strong publication bias: researchers report negative and insignificant estimates less often than they should, which pulls the mean estimate up by about 0.5. When I correct the mean for the bias, for macro estimates I get zero, even though the reported t - statistics are on average two. The corrected mean of micro estimates for asset holders is around 0.3-0.4. Calibrations of the EIS greater than 0.8 are inconsistent with the bulk of the empirical evidence.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: IES Working Paper ; No. 15/2013

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Macroeconomics: Consumption; Saving; Wealth ; Survey Methods; Sampling Methods
• Thema: Elasticity of intertemporal substitution ; consumption ; publication bias ; meta-analysis

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Havránek, Tomáš
• Ereignis: Veröffentlichung
• (wer): Charles University in Prague, Institute of Economic Studies (IES)
• (wo): Prague
• (wann): 2013

Weitere Informationen

• Handle: http://hdl.handle.net/10419/102581
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ