Transcription of Text as Data - Stanford University
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Text as Data - Stanford University
Journal of Economic Literature 2019, 57(3), 535 574 IntroductionNew technologies have made available vast quantities of digital text, recording an ever-increasing share of human interac-tion, communication, and culture. For social scientists, the information encoded in text is a rich complement to the more structured kinds of data traditionally used in research, and recent years have seen an explosion of empirical economics research using text as take just a few examples: In finance, text from financial news, social media, and company filings is used to predict asset price movements and study the causal impact of new information.
In many social science studies, however, the goal is to go further and, in the third step, use text to infer causal relationships or the parameters of structural economic models. Stephens-Davidowitz (2014) uses Google search data to estimate local areas’ racial animus, then studies the causal effect of racial animus on votes for Barack
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