James J. Heckman

AAA

DEFINITION of 'James J. Heckman'

An American economist who won the 2000 Nobel Memorial Prize in Economics, along with Daniel McFadden, for his Heckman correction, a statistical method of correcting for self-selection bias in research. In addition to selection bias and self-selection, Heckman's research has focused on labor economics and human development, and skill formation (especially early childhood development).

INVESTOPEDIA EXPLAINS 'James J. Heckman'

Heckman was born in 1944 in Chicago. He earned his Ph.D. in economics from Princeton and won the John Bates Clark medal in 1983. He has worked as a professor of economics at University College in Dublin; he also taught at the University of Chicago, Columbia and Yale.

RELATED TERMS
  1. Daniel L. McFadden

    An American econometrician and winner, along with James Heckman, ...
  2. Sample Selection Bias

    A type of bias caused by choosing non-random data for statistical ...
  3. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  4. Human Capital

    A measure of the economic value of an employee's skill set. This ...
  5. Econometrics

    The application of statistical and mathematical theories to economics ...
  6. Compound Annual Growth Rate - CAGR

    The year-over-year growth rate of an investment over a specified ...
Related Articles
  1. Investing Basics

    Human Capital: The Most Overlooked Asset Class

    The skills and knowledge that allow you to make money are your best asset. Remember to invest in yourself!
  2. Investing

    How to Use Stratified Random Sampling

    Stratified random sampling is a technique best used with a sample population easily broken into distinct subgroups. Samples are then taken from each subgroup based on the ratio of the subgroup’s ...
  3. Fundamental Analysis

    Lognormal and Normal Distribution

    When and why do you use lognormal distribution or normal distribution for analyzing securities? Lognormal for stocks, normal for portfolio returns.
  4. Investing Basics

    Using Normal Distribution Formula To Optimize Your Portfolio

    Normal or bell curve distribution can be used in portfolio theory to help portfolio managers maximize return and minimize risk.
  5. Technical Indicators

    The Normal Distribution Table, Explained

    The normal distribution formula is based on two simple parameters - mean and standard deviation
  6. Economics

    Can Investors Trust Official Statistics?

    The official statistics in some countries need to be taken with a grain of salt. Find out why you should be skeptical.
  7. Investing Basics

    R-Squared

    Learn more about this statistical measurement used to represent movement between a security and its benchmark.
  8. Active Trading Fundamentals

    Hypothesis Testing in Finance: Concept & Examples

    When you're indecisive about an investment, the best way to keep a cool head might be test various hypotheses using the most relevant statistics.
  9. Investing Basics

    Industry Handbook

    In this feature, we take an in-depth look at the various techniques that determine the value and investment quality of companies from an industry perspective.
  10. Technical Indicators

    Basics Of The Binomial Distribution

    Despite the fancy-sounding name, you already understand the Binomial Distribution, and you can use it to make money. Ready? Read on.

You May Also Like

Hot Definitions
  1. Efficiency Ratio

    Ratios that are typically used to analyze how well a company uses its assets and liabilities internally. Efficiency Ratios ...
  2. Fixed Cost

    A cost that does not change with an increase or decrease in the amount of goods or services produced. Fixed costs are expenses ...
  3. Subsidy

    A benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction. The subsidy ...
  4. Sunk Cost

    A cost that has already been incurred and thus cannot be recovered. A sunk cost differs from other, future costs that a business ...
  5. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  6. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
Trading Center