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1 results

  • 3 - Influential Observations

  • Philip Hans Franses, Erasmus University
  • Book:
    Ethics in Econometrics
    Published online:
    14 November 2024
    Print publication:
    28 November 2024, pp 54-87

  • Summary

    In this chapter we move towards more subtle aspects of econometric analysis, where it is not immediately obvious from the numbers or the graphs that something is wrong. We see that so-called influential observations may not be visible from graphs but become apparent after creating a model. This is one of the key takeaways from this chapter – that we do not throw away data prior to econometric analysis. We should incorporate all observations in our models and, based on specific diagnostic measures, decide which observations are harmful.