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Open Econometrics Text Updated for Fall Use

July 31, 2014
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I have just posted an update of my introductory undergraduate Econometrics (book, slides, R code, EViews code, data, etc.). Warning: although it is significantly improved, it nevertheless remains highly (alas, woefully) preliminary and incomp...

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More Readable Code with Pipes in R

July 30, 2014
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More Readable Code with Pipes in R

Several blog posts have made mention of the 'magrittr' package which allows functional arguments to be passed to functions in a pipes style fashion (David Smith ).This stylistic option has several advantages:  1. Reduced requirements of nested par...

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drinkR: Estimate your Blood Alcohol Concentration using R and Shiny.

July 30, 2014
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drinkR: Estimate your Blood Alcohol Concentration using R and Shiny.

Inspired by events that took place at UseR 2014 last month I decided to implement an app that estimates one’s blood alcohol concentration (BAC). Today I present to you drinkR, implemented using R and Shiny, Rstudio’s framework for building web ap...

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Summer Reading List

July 30, 2014
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Summer Reading List

While I'm at the lake, fishing, this is your big chance to get on with some reading.There won't be a quiz, but I know that you'll thank me for this later on:Aberdie, A., S. Athey, G. W. Imbens, and J. Wooldridge, 2014. Finite population standard errors...

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Another day, another misuse of averages

July 30, 2014
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The other day, we are told that if we walk anywhere in New York, we will bump into a few millionaires (link). This week, we are told that wherever we go in the US, "Roughly, every third person you pass on the street is going to have debt in collections" (link). The woman who said this has a PhD in Economics from Cornell. Oh please. The claim comes from yet…

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Variable Selection in Market Segmentation: Clustering or Biclustering?

July 29, 2014
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Variable Selection in Market Segmentation: Clustering or Biclustering?

Will you have that segmentation with one or two modes?The data matrix for market segmentation comes to us with two modes, the rows are consumers and the columns are variables. Clustering uses all the columns to transform the two-mode data matrix (row a...

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jpmml and R (Free Webinar)

July 28, 2014
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jpmml and R (Free Webinar)

This free, global webinar will provide an introduction to jpmml, the world’s leading open-source PMML scoring engine currently being utilized by companies such as Airbnb to rapidly deploy predictive models into production. Webinar Format: – What is PMML? – Building … Continue reading →

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The Pay-for-Performance Myth

July 28, 2014
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The Pay-for-Performance Myth

Last week, Eric Chemi and Ariana Giorgi published an interesting article on “The Pay-for-Performance Myth” With all the public chatter about exorbitant executive compensation and income inequality, it’s useful to look at the relationship between chief executive officer pay and corporate performance. Typically, when the subject of their big pay packages arises, CEOs—usually through their spokespeople—say they are paid for performance. Does data back that up? An analysis of compensation data…

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The unkind fate of data graphics in the media

July 28, 2014
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The unkind fate of data graphics in the media

Journalism suffers from an archiving challenge in the digital age, which I wrote about here. Even worse is the fate of data graphics. This has always been an issue, as digital archives of newspapers do not save any of the graphics. (Try going to the New York Times archive to see for yourself). The new wave of graphing technology is making this problem worse! The new technology embeds charting instructions…

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A Second NBER Econometrics Group?

July 28, 2014
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The NBER is a massive consumer of econometrics, so it needs at least a group or two devoted to producing econometrics. Hence I'm thrilled that the Timmermann-Wright group, "Forecasting and Empirical Methods in Macroeconomics and Finance,...

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