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11. Improving the Power of Economic Experiments Using Adaptive Designs

Author

Jobjörnsson, Sebastian, Schaak, Henning, Mußhoff, Oliver, and Friede, Tim

Subjects
Statistics - Methodology, Statistics - Applications
Abstract

An important issue for many economic experiments is how the experimenter can ensure sufficient power for rejecting one or more hypotheses. Here, we apply methods developed mainly within the area of clinical trials for testing multiple hypotheses simultaneously in adaptive, two-stage designs. Our main goal is to illustrate how this approach can be used to improve the power of economic experiments. Having briefly introduced the relevant theory, we perform a simulation study supported by the open source R package asd in order to evaluate the power of some different designs. The simulations show that the power to reject at least one hypothesis can be improved while still ensuring strong control of the overall Type I error probability, and without increasing the total sample size and thus the costs of the study. The derived designs are further illustrated by applying them to two different real-world data sets from experimental economics., Comment: 28 pages, 4 figures

Published
2021

19. Better Inference in the 21st Century: A World Beyond p < 0.05

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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20. Statistical Inference in Experiments

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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21. The Basics of Statistical Inference: Simple Random Sampling

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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22. The p-Value and Statistical Significance Testing

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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23. Introduction

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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24. Estimation Uncertainty in Complex Sampling Designs

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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25. Knowledge Accumulation Through Meta-analysis and Replications

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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26. The Meaning of Scientific and Statistical Inference

Author

Hirschauer, Norbert, Grüner, Sven, Mußhoff, Oliver, Massmann, Michael, Editor-in-Chief, Boswijk, Peter, Series Editor, Okhrin, Ostap, Editor-in-Chief, Breitung, Jörg, Series Editor, Krämer, Walter, Series Editor, Mosler, Karl, Series Editor, Song, Peter, Series Editor, Hirschauer, Norbert, Grüner, Sven, and Mußhoff, Oliver

Published
2022
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36. Saving on the Phone—Evidence from Ghanaian Cocoa Farmers.

Author

Wahbi, Annkathrin, Rosero, Gabriel, and Musshoff, Oliver

Subjects
FINANCIAL inclusion, BANKING industry, CACAO growers, HIGH technology industries, BANK accounts
Abstract

Effective savings mechanisms are crucial for household resilience and economic growth. Savings accounts, whether from banks or mobile-phone based, offer an alternative to informal saving mechanisms as they provide safe and private cash storage. However, there is still no clear evidence on how the use of digital tools can contribute to increasing farmers' savings, compared with other financial tools such as bank accounts or keeping cash at home. To address this gap, we investigate factors affecting cocoa farmers' decisions to save, as well as their savings amounts. Shedding light on saving determinants, we answer the question of whether formal and semi-formal accounts play a major role in savings accumulation. For our study, we employ data from a structured telephone survey conducted in 2021 among 405 randomly sampled cocoa farmers. Results from an interval regression suggest that bank account usage is associated with higher savings amounts. In contrast to male cocoa farmers, females seem to use mobile savings tools to their benefit. Our analysis further reveals the importance of education in household financial resource management. We provide valuable results for public policymakers and the private sector towards responsible financial inclusion and pro-poor development of digital financial services. [ABSTRACT FROM AUTHOR]

Published
2025
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37. Financial knowledge, attitude towards money and investment decisions: new insights for the farmland market.

Author

Meissner, Luise, Danne, Michael, and Musshoff, Oliver

Subjects
DISCRETE choice models, BANKING industry, LOGISTIC regression analysis, INVESTMENT information, MARKET share, VALUATION of farms, FINANCIAL literacy, AGRICULTURAL education
Abstract

A considerable share of farmland market activity is related to non-agricultural owners. Recent research has shown that those non-agricultural owners are likely to be private persons. However, little is known about potential factors which drive their decision to invest in farmland. This study aims to investigate four groups of factors which could affect the decision of non-agricultural persons to buy farmland: Key investment information, financial knowledge, the attitude towards money, and sociodemographic characteristics. Primary discrete choice data, which is representative for our study region Germany within four categories, has been collected for the purpose of this study. 637 participants were asked to invest in farmland, financial products or save their money in a bank account. A mixed logit approach revealed, that variables from each factor group are related to the decision to invest in farmland. According to the effect sizes, risk (volatility of returns), returns, a university degree and a preference for a secure investment performance are especially important factors for investment decisions. Furthermore, considerable differences exist between people with a high financial literacy score or a high level of self-assessed financial knowledge. [ABSTRACT FROM AUTHOR]

Published
2024
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48. Introduction

Author

Hirschauer, Norbert, primary, Grüner, Sven, additional, and Mußhoff, Oliver, additional

Published
2022
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