The Scientific Contributions of James Heckman and Daniel McFadden

Abstract

Advanced Information. Microeconometric research is concerned with empirical analysis of the economic behavior of individuals and households, such as decisions on labor supply, consumption, migration or occupational choice. Microeconometric methods are equally relevant in studies of individual firms, for example their production and employment decisions. Over the last several decades, significant breakthroughs in empirical microeconomic research have been triggered by innovations in microeconometric methods and by greater availability of new types of data. The raw material in microeconometric research is microdata, where the units of observation are individuals, households or firms. Microdata appear as cross-section data and, to an increasing degree, as longitudinal (panel) data.Microeconometrics