EMPIRYCZNA REWOLUCJA. NAGRODA BANKU SZWECJI IM. ALFREDA NOBLA W 2021 R.: DAVID CARD, JOSHUA ANGRIST, GUIDO IMBENS
EMPIRICAL REVOLUTION NOBEL MEMORIAL PRIZE IN ECONOMIC SCIENCES IN 2021: DAVID CARD, JOSHUA ANGRIST, GUIDO IMBENS

Summary/Abstract: The article describes the essence of the quasi-experimental scheme widely used and creatively developed by the winners of this year’s Nobel Prize. In particular, the four most popular methods used within this approach are characterized: regression discontinuity design, propensity score matching, difference-in-differences method, and instrumental variable regression. Subsequently the essence of the so-called “credibility revolution” in economics is presented, which – thanks to David Card, Joshua Angrist and Guido Imbens – changed the way of conducting contemporary economic research and introduced quasi-experimental methods to the mainstream of econo- metrics. Against this background, the achievements of this year’s laureates have been outlined both in the area of econometric methods and economic knowledge in three areas: education, international migration and the labour market. The article also discusses the limitations of the empirical approach represented by the Nobel Prize winners. The last part presents the profile of Alan Krueger, a long-time associate of this year’s Laureates, who – if he were still alive – would certainly join the group of the economic Nobel Prize winners.

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