The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Jan, 1984, Volume 52, Issue 1
https://doi.org/0012-9682(198401)52:1<163:CSOEFR>2.0.CO;2-L
p. 163-184
Edward E. Leamer, Steven Klepper
We consider the nature of the inferences that can be made when all variables in a linear regression are measured with error. Assuming that the measurement errors are orthogonal to each other and the unobserved correctly measured regressors, we demonstrate that the true regression coefficient vector can be restricted to the convex hull of all possible regressions iff all these regressions yield coefficient vectors lying in the same orthant. Otherwise, the set of feasible coefficient vectors is unbounded. For the unbounded case, we demonstrate that prior information concerning the "seriousness" of the measurement errors in the variables can bound the feasible region. Two diagnostics are proposed to indicate the sensitivity of conventional inferences to measurement error in the regressors, and an illustrative example is presented.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
