Heckman Correction
A statistical technique used to correct for selection bias in samples, often used in labor economics and marketing research.
Implications
A statistical method used to correct for selection bias in samples, often used in econometrics and social sciences to produce more accurate estimates when the sample is not randomly selected, addressing issues like non-random participation in studies.
Example
Example: An economist applies the Heckman Correction to adjust for selection bias in a study on labor market outcomes, where the data only includes employed individuals, potentially skewing the results.
Related Terms
Different from standard regression analysis, which assumes a random sample, the Heckman Correction specifically addresses selection bias, improving the validity of the estimates.
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