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Nonparametric estimation of average treatment effects under exogeneity: a review,” (2004)

by Guido W Imbens
Venue:Review of Economics and Statistics
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Regression Discontinuity Designs: A Guide to Practice

by Guido Imbens, Thomas Lemieux , 2007
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Abstract - Cited by 554 (7 self) - Add to MetaCart
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Matching as Nonparametric Preprocessing for Reducing Model Dependence

by Daniel E. Ho, Kosuke Imai, Gary King, Elizabeth A. Stuart - in Parametric Causal Inference,” Political Analysis , 2007
"... Although published works rarely include causal estimates from more than a few model specifications, authors usually choose the presented estimates from numerous trial runs readers never see. Given the often large variation in estimates across choices of control variables, functional forms, and other ..."
Abstract - Cited by 334 (46 self) - Add to MetaCart
Although published works rarely include causal estimates from more than a few model specifications, authors usually choose the presented estimates from numerous trial runs readers never see. Given the often large variation in estimates across choices of control variables, functional forms, and other modeling assumptions, how can researchers ensure that the few estimates presented are accurate or representative? How do readers know that publications are not merely demonstrations that it is possible to find a specification that fits the author’s favorite hypothesis? And how do we evaluate or even define statistical properties like unbiasedness or mean squared error when no unique model or estimator even exists? Matching methods, which offer the promise of causal inference with fewer assumptions, constitute one possible way forward, but crucial results in this fast-growing methodological

Recent Developments in the Econometrics of Program Evaluation

by Guido W. Imbens, Jeffrey M. Wooldridge , 2008
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Abstract - Cited by 326 (5 self) - Add to MetaCart
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Large Sample Properties of Matching Estimators for Average Treatment Effects

by Alberto Abadie, Guido W. Imbens - ECONOMETRICA 74,235-267 , 2006
"... Matching estimators for average treatment effects are widely used in evaluation research despite the fact that their large sample properties have not been established in many cases. The absence of formal results in this area may be partly due to the fact that standard asymptotic expansions do not ap ..."
Abstract - Cited by 318 (18 self) - Add to MetaCart
Matching estimators for average treatment effects are widely used in evaluation research despite the fact that their large sample properties have not been established in many cases. The absence of formal results in this area may be partly due to the fact that standard asymptotic expansions do not apply to matching estimators with a fixed number of matches because such estimators are highly nonsmooth functionals of the data. In this article we develop new methods for analyzing the large sample properties of matching estimators and establish a number of new results. We focus on matching with replacement with a fixed number of matches. First, we show that matching estimators are not N1/2-consistent in general and describe conditions under which matching estimators do attain N1/2-consistency. Second, we show that even in settings where matching estimators are N1/2-consistent, simple matching estimators with a fixed number of matches do not attain the semiparametric efficiency bound. Third, we provide a consistent estimator for the large sample variance that does not require consistent nonparametric estimation of unknown functions. Software for implementing these methods is available in Matlab, Stata, and R.

Understanding Instrumental Variables in Models with Essential Heterogeneity

by James J. Heckman, Sergio Urzua, Edward Vytlacil - The Review of Economics and Statistics , 2006
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Abstract - Cited by 157 (21 self) - Add to MetaCart
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The Real Effects of Financial Constraints: Evidence from a Financial Crisis

by Murillo Campello, John R. Graham, Campbell R. Harvey , 2009
"... We survey 1,050 Chief Financial Officers (CFOs) in the U.S., Europe, and Asia to directly assess whether their firms are credit constrained during the global financial crisis of 2008. We study whether corporate spending plans differ conditional on this survey-based measure of financial constraint. O ..."
Abstract - Cited by 141 (8 self) - Add to MetaCart
We survey 1,050 Chief Financial Officers (CFOs) in the U.S., Europe, and Asia to directly assess whether their firms are credit constrained during the global financial crisis of 2008. We study whether corporate spending plans differ conditional on this survey-based measure of financial constraint. Our evidence indicates that constrained firms planned deeper cuts in tech spending, employment, and capital spending. Constrained firms also burned through more cash, drew more heavily on lines of credit for fear banks would restrict access in the future, and sold more assets to fund their operations. We also find that the inability to borrow externally caused many firms to bypass attractive investment opportunities, with 86 % of constrained U.S. CFOs saying their investment in attractive projects was restricted during the credit crisis of 2008. More than half of the respondents said they canceled or postponed their planned investments. Our results also hold in Europe and Asia, and in many cases are stronger in those economies. Our analysis adds to the portfolio of approaches and knowledge about the impact of credit constraints on real firm behavior.

Long-run effects of public sector sponsored training

by Michael Lechner, Ruth Miquel, Conny Wunsch , 2004
"... Between 1991 and 1997 West Germany spent on average about 3.6 bn Euro per year on public sector sponsored training programmes for the unemployed. We base our empirical analysis on a new administrative data base that plausibly allows for selectivity correction by microeconometric matching methods. We ..."
Abstract - Cited by 126 (31 self) - Add to MetaCart
Between 1991 and 1997 West Germany spent on average about 3.6 bn Euro per year on public sector sponsored training programmes for the unemployed. We base our empirical analysis on a new administrative data base that plausibly allows for selectivity correction by microeconometric matching methods. We identify the effects of different types of training programmes over a horizon of more than seven years. Using bias corrected weighted multiple neighbours matching we find that all programmes have negative effects in the short run and positive effects over a horizon of about four years. However, for substantive training programmes with duration of about two years gains in employment probabilities of more than 10 % points appear to be sustainable, but come at the price of large negative lock-in effects.

Matching methods for causal inference: A review and a look forward.

by Elizabeth A Stuart - Statistical science. , 2010
"... Abstract When estimating causal effects using observational data, it is desirable to replicate a randomized experiment as closely as possible by obtaining treated and control groups with similar covariate distributions. This goal can often be achieved by choosing well-matched samples of the origina ..."
Abstract - Cited by 98 (1 self) - Add to MetaCart
Abstract When estimating causal effects using observational data, it is desirable to replicate a randomized experiment as closely as possible by obtaining treated and control groups with similar covariate distributions. This goal can often be achieved by choosing well-matched samples of the original treated and control groups, thereby reducing bias due to the covariates. Since the 1970's, work on matching methods has examined how to best choose treated and control subjects for comparison. Matching methods are gaining popularity in fields such as economics, epidemiology, medicine, and political science. However, until now the literature and related advice has been scattered across disciplines. Researchers who are interested in using matching methods-or developing methods related to matching-do not have a single place to turn to learn about past and current research. This paper provides a structure for thinking about matching methods and guidance on their use, coalescing the existing research (both old and new) and providing a summary of where the literature on matching methods is now and where it should be headed.
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...zed) data. Since early work in matching, which began in the 1940’s, the methods have increased in both complexity and use. However, while the field is expanding, there has been no single source of information for researchers interested in an overview of the methods and techniques available, nor a summary of advice for applied researchers interested in implementing these methods. In contrast, the research and resources have been scattered across disciplines such as statistics (Rosenbaum, 2002; Rubin, 2006), epidemiology (Brookhart et al., 2006), sociology (Morgan and Harding, 2006), economics (Imbens, 2004), and political science (Ho et al., 2007). This paper coalesces the diverse literature on matching methods, bringing together the original work on matching methods–of which many current researchers are not aware–and tying together ideas across disciplines. In addition to providing guidance on the use of matching methods, the paper provides a view of where research on matching methods should be headed. We define “matching” broadly to be any method that aims to equate (or “balance”) the distribution of covariates in the treated and control groups. This may involve 1:1 matching, weighting, or sub...

Propensity Score Estimation with Boosted Regression for Evaluating Causal Effects in Observational Studies

by Daniel F. Mccaffrey, Greg Ridgeway, Andrew R. Morral - Psychological Methods , 2004
"... Causal effect modeling with naturalistic rather than experimental data is challenging. In observational studies participants in different treatment conditions may also differ on pretreatment characteristics that influence outcomes. Propensity score methods can theoretically eliminate these confounds ..."
Abstract - Cited by 89 (7 self) - Add to MetaCart
Causal effect modeling with naturalistic rather than experimental data is challenging. In observational studies participants in different treatment conditions may also differ on pretreatment characteristics that influence outcomes. Propensity score methods can theoretically eliminate these confounds for all observed covariates, but accurate estimation of propensity scores is impeded by large numbers of covariates, uncertain functional forms for their associations with treatment selection, and other problems. This paper demonstrates that boosting, a modern statistical technique, can overcome many of these obstacles. We illustrate this approach with a study of adolescent probationers in substance abuse treatment programs. Propensity score weights estimated using boosting eliminate most pretreatment group differences, and substantially alter the apparent relative effects of adolescent substance abuse treatment. Experimental studies offer the most rigorous evidence with which to establish treatment efficacy, but they are not always practical or feasible. Experimental treatment evaluations can be expensive to field and may be too slow to produce answers to pressing questions. In some cases
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...highlight advantages of this method for estimating propensity scores over standard logistic regression approaches. The Treatment Effect Following Rosenbaum and Rubin (1983) and others (Holland, 1986; =-=Imbens, 2003-=-) we use counterfactuals to define the treatment effects from an observational study with a treated and an untreated comparison group. Every member in the population has two potential values for any o...

On the failure of the bootstrap for matching estimators.”

by Alberto Abadie , Guido W Imbens , John F Kennedy , 2006
"... Abstract Matching estimators are widely used for the evaluation of programs or treatments. Often researchers use bootstrapping methods for inference. No formal justification for the use of the bootstrap has been provided. Here we show that the bootstrap is in general not valid, even in the simple c ..."
Abstract - Cited by 87 (4 self) - Add to MetaCart
Abstract Matching estimators are widely used for the evaluation of programs or treatments. Often researchers use bootstrapping methods for inference. No formal justification for the use of the bootstrap has been provided. Here we show that the bootstrap is in general not valid, even in the simple case with a single continuous covariate when the estimator is root-N consistent and asymptotically normally distributed with zero asymptotic bias. Due to the extreme non-smoothness of nearest neighbor matching, the standard conditions for the bootstrap are not satisfied, leading the bootstrap variance to diverge from the actual variance. Simulations confirm the difference between actual and nominal coverage rates for bootstrap confidence intervals predicted by the theoretical calculations. To our knowledge, this is the first example of a root-N consistent and asymptotically normal estimator for which the bootstrap fails to work. JEL Classification: C14, C21, C52 Keywords: Average Treatment Effects, Bootstrap, Matching, Confidence Intervals * We are grateful for comments by Peter Bickel. Financial support for this research was generously provided through NSF grants SES-0350645 (Abadie) and SES 0136789 (Imbens). †
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... up 2.1 Basic Model In this article we adopt the standard model of treatment effects under unconfoundedness (Rubin, 1978; Rosenbaum and Rubin, 1983, Heckman, Ichimura and Todd, 1997, Rosenbaum, 2001, =-=Imbens, 2004-=-). The goal is to evaluate the effect of a treatment on the basis of data on outcomes and covariates for treated and control units. We have a random sample of N0 units from the control population, and...

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