James Heckman

James Heckman is an American economist whose work on microeconometrics and human development earned him the 2000 Nobel Memorial Prize in Economic Sciences.

Heckman correction: A statistical method for correcting bias when outcomes are observed only for a nonrandomly selected sample. This method became his best-known contribution to econometrics.
Human capital: The knowledge, skills, health, and other attributes embodied in people that affect their productivity and well-being. His research treats abilities and skills as investments that develop over time.
Microeconometrics: The use of statistical and econometric methods to study individual-level economic data. His methods helped shape the modern analysis of individual and household data.
Daniel McFadden: An American economist who developed methods for analyzing discrete choices and shared the 2000 economics prize with Heckman. The shared award recognized a different but complementary body of econometric work.
Sample selection bias: Bias that arises when the observations included in an analysis are not representative of the population of interest. His econometric work explains how nonrandom selection can distort estimated effects.
Early childhood education: Organized learning and care for children before they enter primary school. Heckman studied how early interventions shape later skills and economic outcomes.
Causal inference: The study of methods for identifying cause-and-effect relationships from data. His work made selection and identification central concerns in empirical policy research.
Randomized controlled trial: An experiment that assigns participants randomly to treatment and comparison groups to estimate intervention effects. Random assignment addresses selection differently from Heckman’s models of nonrandom participation.
Econometric identification: The conditions under which data and a statistical model can distinguish a parameter of interest. His methods clarify when causal effects can be recovered from selected data.
Perry Preschool Project: A small 1960s preschool intervention in Ypsilanti, Michigan, followed long-term for its effects on participants. He used its long-run evidence to examine returns to early childhood investment.

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Gary BeckerRelated: Heckman later advanced empirical research on human capital and social outcomes connected to Becker’s agenda.