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LATEST NEWS UPDATES | Vital additions to empirical research -Maitreesh Ghatak

Vital additions to empirical research -Maitreesh Ghatak

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published Published on Oct 21, 2019   modified Modified on Oct 21, 2019
-The Hindu

Despite limitations, the use of randomised control trials has led to a paradigm shift in development policy evaluation

If Rip Van Winkle was an academic economist and woke up from a two-decade long sleep this week, he would be baffled by the news of the Nobel Prize in Economics this year awarded to Abhijit Banerjee, Esther Duflo, and Michael Kremer for pioneering the use of randomised control trials (RCTs) in development economics. Back in the late 1990s, this was not a well-known concept, let alone a widely practised research method. Moreover, research in economics was still largely theoretical although the shift in a more empirical direction had already started.

It is true that the concept of randomised experiments is well-known in medical trials, and the idea itself goes back to the statistician Ronald Fisher back in the 1930s. RCTs use the following insight: you select two groups that are similar and then randomly select one to receive the treatment (a drug, or a policy) being tested and then compare the outcome of this group (called the treatment group) with that of the other group (called the control group). If the difference is statistically significant, then that is attributed to the treatment. Using this method in economics has altered our views about what policies work and what do not.

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The Hindu, 18 October, 2019, https://www.thehindu.com/opinion/lead/vital-additions-to-empirical-research/article29728657.ece?fbclid=IwAR3hsSdRAIu8kIhOPqpaZe4sRcjfAwIowmFxKGoyM9piLU0pAZrC3qYItRU


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