BEYOND THE STARS
指出现有经济重要性度量存在缺陷,提出一个新指标,以百分比衡量各解释变量在其他条件不变时对因变量变动的贡献,并应用于移民和生育决定因素研究。
Abstract It is frequent to hear in economic seminars or read in academic papers that an effect is economically significant or economically important. Yet, the economic literature is vague on what economic importance means and how it should be measured. In this paper, I show that existing measures of economic importance are flawed and misused. I derive a new metric that measures, in percentage terms, the contribution of each explanatory variable to deviations in the dependent variable, ceteris paribus. As an illustration, the method is applied to study the determinants of migration and the determinants of fertility.