Mastering ‘Metrics: The Path from Cause to Effect Hardcover – December 28, 2014
Author: Joshua D. Angrist ID: 0691152837
Review
“I would be hard pressed to name another econometrics book that can be read for enjoyment yet provides useful quantitative insights.”–M.S.R., Financial Analysts Journal
–This text refers to the Paperback edition.
From the Back Cover
“Written by true ‘masters of ‘metrics,’ this book is perfect for those who wish to study this important subject. Using real-world examples and only elementary statistics, Angrist and Pischke convey the central methods of causal inference with clarity and wit.”–Hal Varian, chief economist at Google
“With humor and rigor, this book explores key approaches in applied econometrics. The authors present accessible, interesting examples–using data-heavy figures and graphic-style comics–to teach practitioners the intuition and statistical understanding they need to become masters of ‘metrics. A must-read for anyone using data to investigate questions of causality!”–Melissa S. Kearney, University of Maryland and the Brookings Institution
“This valuable book connects the dots between mathematical formulas, statistical methods, and real-world policy analysis. Reading it is like overhearing a conversation between two grumpy old men who happen to be economists–and I mean this in the best way possible.”–Andrew Gelman, Columbia University
“Modern econometrics is more than just a set of statistical tools–causal inference in the social sciences requires a careful, inquisitive mindset. Mastering ‘Metrics is an engaging, fun, and highly accessible guide to the paradigm of causal inference.”–David Deming, Harvard University
“Few fields of statistical inquiry have seen faster progress over the last several decades than causal inference. With an engaging, insightful style, Angrist and Pischke catch readers up on five powerful methods in this area. If you seek to make causal inferences, or understand those made by others, you will want to read this book as soon as possible.”–Gary King, Harvard University
“Posing several well-chosen empirical questions in social science, Mastering ‘Metrics develops methods to provide the answers and applies them to interesting datasets. This book will motivate beginning students to understand econometrics, with an appreciation of its strengths and limits.”–Gary Chamberlain, Harvard University
“Focusing on five econometric tools, Mastering ‘Metrics presents key econometric concepts. Any field that uses statistical techniques to conduct causal inference will find this book useful.”–Melvyn Weeks, University of Cambridge
See all Editorial Reviews
Hardcover: 304 pagesPublisher: Princeton University Press (December 28, 2014)Language: EnglishISBN-10: 0691152837ISBN-13: 978-0691152837 Product Dimensions: 8.8 x 5.7 x 0.9 inches Shipping Weight: 1 pounds (View shipping rates and policies) Best Sellers Rank: #407,246 in Books (See Top 100 in Books) #171 in Books > Business & Money > Economics > Econometrics
Imagine that you are taking a senior undergraduate seminar class, and the professor has picked out about a dozen recent social science papers (1/3 authored by Angrist) with econometric analyses in order to teach the various statistical methods that you learned in your econometrics class. That is what this book feels like. The topics of the papers try to answer causal questions such as, “Does low cost or free health insurance improve health outcomes?”, “Does attending a highly selective private university lead to higher earnings compared to a less competitive public university?”, and “Do charter schools increase student test scores?” The authors introduce the background for each paper then describe their favored econometric techniques to determine the answers (randomized trial, regression, instrumental variable, regression discontinuity, and differences-in-differences). The first 3 techniques are covered extensively in most introductory econometrics textbooks, while the last 2 are much less covered. A few other econometrics topics are sprinkled throughout the text.
For those with an economics degree or a very good grasp of statistical analysis, this book can be a nice refresher on econometric techniques used to determine causal effects through experiments or quasi-experiments. A more advanced treatment (with linear algebra and calculus) of the same topics can be found in the authors’ other book “Mostly Harmless Econometrics”.
For those that are upper level economics or social science majors in college, this book can serve as a supplement to an econometrics or advanced statistics class by providing real examples of econometrics in action and act as a bridge to understanding econometrics research articles.
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