Conventional Wisdom, Meta-Analysis, and Research Revision in Economics

Sebastian Gechert, Bianka Mey, Matej Opatrny, Tomas Havranek, T. D. Stanley, Pedro R. D. Bom, Hristos Doucouliagos, Philipp Heimberger, Zuzana Irsova and Heiko J. Rachinger
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Sebastian Gechert: Chemnitz University of Technology, FMM Fellow
Bianka Mey: Chemnitz University of Technology
Matej Opatrny: Charles University Prague
Tomas Havranek: Institute of Economic Studies, Faculty of Social Sciences, Charles University Prague, CEPR, London,
Meta-Research Innovation Center at Stanford
T. D. Stanley: Department of Economics Deakin University, Meta-Research Innovation Center at Stanford
Pedro R. D. Bom: Deusto Business School, University of Deusto
Hristos Doucouliagos: Department of Economics, Deakin University, IZA Bonn
Philipp Heimberger: Vienna Institute for International Economic Studies (wiiw), FMM Fellow
Zuzana Irsova: Anglo-American University, Prague
Heiko J. Rachinger: Universitat de les Illes Balears, Mallorca

No 61, Chemnitz Economic Papers from Department of Economics, Chemnitz University of Technology

Abstract: Over the past several decades, meta-analysis has emerged as a widely accepted tool to understand economics research. Meta-analyses often challenge the established conventional wisdom of their respective fields. We systematically review a wide range of influential meta-analyses in economics and compare them to 'conventional wisdom'. After correcting for observable biases, the empirical economic effects are typically much closer to zero and sometimes switch signs. Typically, the relative reduction in effect sizes is 45-60%.

Keywords: meta-analysis; systematic review; conventional wisdom (search for similar items in EconPapers)
Pages: 33 pages
Date: 2023-12
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Published in Chemnitz Economic Papers, December 2023, pages 1-33

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https://www.tu-chemnitz.de/wirtschaft/vwl1/RePEc/d ... r/CEP061_Gechert.pdf First version, 2023 (application/pdf)

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