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Emptying the Tank: Getting the most out of Limited Data / M. Scott Taylor.
- Format:
- Book
- Author/Creator:
- Taylor, M. Scott.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24855.
- NBER working paper series no. w24855
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Emptying the Tank
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- All empirical researchers know that having more sources of variation in a dataset is valuable. What is not known is how valuable, and if the marginal value of adding another source of variation diminishes or increases. This note provides explicit answers to these questions. It defines "valuable" as the number of independent questions the data can potentially answer, and provides a surprisingly simple and useful rule that tells the researcher not only when they have "emptied the tank" of their data's valuable implications, but also the marginal value of further data collection. An illustration using home heating costs is provided.
- Notes:
- Print version record
- July 2018.
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