David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Journal of Economic Methodology 7 (2):217-230 (2000)
This paper argues classical statistics and standard econometrics are based on a desire to meet scientific standards for accumulating reliable knowledge. Science requires two inputs, mining of existing data for inspiration and new or 'out-of-sample' data for predictive testing. Avoidance of data-mining is neither possible nor desirable. In economics out-of-sample data is relatively scarce, so the production process should intensively exploit the existing data. But the two inputs should be thought of as complements rather than substitutes. And we neglect the importance of out-of-sample testing in the production of reliable knowledge. Avoidance of data-mining is not a substitute for tests conducted in new samples. The problem is not that data-mining corrupts the process, the problem is our collective neglect of out-of-sample encompassing, stability and forecast tests. So the data-mining issue diverts us from the crucial margin.
|Keywords||No keywords specified (fix it)|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Dinah Payne & Cherie Courseault Trumbach (2009). Data Mining: Proprietary Rights, People and Proposals. Business Ethics 18 (3):241-252.
Roger E. Backhouse & Mary S. Morgan (2000). Introduction: Is Data Mining a Methodological Problem? Journal of Economic Methodology 7 (2):171-181.
Herman T. Tavani (1999). Informational Privacy, Data Mining, and the Internet. Ethics and Information Technology 1 (2):137-145.
Kevin D. Hoover & Stephen J. Perez (2000). Three Attitudes Towards Data Mining. Journal of Economic Methodology 7 (2):195-210.
Aris Spanos (2000). Revisiting Data Mining: 'Hunting' with or Without a License. Journal of Economic Methodology 7 (2):231-264.
Steven Cook (2001). Observations on the Practice of Data-Mining: Comments on the JEM Symposium. Journal of Economic Methodology 8 (3):415-419.
Herman T. Tavani (1999). KDD, Data Mining, and the Challenge for Normative Privacy. Ethics and Information Technology 1 (4):265-273.
Adrian R. Pagan & Michael R. Veall (2000). Data Mining and the Econometrics Industry: Comments on the Papers of Mayer and of Hoover and Perez. Journal of Economic Methodology 7 (2):211-216.
Anthony Danna & Oscar H. Gandy (2002). All That Glitters is Not Gold: Digging Beneath the Surface of Data Mining. [REVIEW] Journal of Business Ethics 40 (4):373 - 386.
Lita van Wel & Lambèr Royakkers (2004). Ethical Issues in Web Data Mining. Ethics and Information Technology 6 (2):129-140.
Thomas Mayer (2000). Data Mining: A Reconsideration. Journal of Economic Methodology 7 (2):183-194.
Sorry, there are not enough data points to plot this chart.
Added to index2012-02-20
Total downloads1 ( #434,535 of 1,098,984 )
Recent downloads (6 months)1 ( #287,052 of 1,098,984 )
How can I increase my downloads?