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EspañolSTYLIZED FACTS
(Redirected from Stylized fact)
In social sciences, especially economics, a 'stylized fact' is a simplified presentation of an empirical finding. While results in statistics can only be shown to be highly probable, in a stylized fact, they are presented as true. They are a means to represent complicated statistical findings in an easy way. A stylized fact is often a broad generalization, which although essentially true may have inaccuracies in the detail.
A prominent example of a stylized fact: "Every level of higher education--high school, College degree, Diploma/Masters and Advanced/Professional degree significantly raises (lifetime) income."
As noted above, scrutiny to detail will often produce counterexamples. In the case given above, it is known that a PhD actually ''lowers'' lifetime income but the stylized fact holds in general, nonetheless.
In social sciences, especially economics, a 'stylized fact' is a simplified presentation of an empirical finding. While results in statistics can only be shown to be highly probable, in a stylized fact, they are presented as true. They are a means to represent complicated statistical findings in an easy way. A stylized fact is often a broad generalization, which although essentially true may have inaccuracies in the detail.
A prominent example of a stylized fact: "Every level of higher education--high school, College degree, Diploma/Masters and Advanced/Professional degree significantly raises (lifetime) income."
As noted above, scrutiny to detail will often produce counterexamples. In the case given above, it is known that a PhD actually ''lowers'' lifetime income but the stylized fact holds in general, nonetheless.
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psst.. try this: add to faves
