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Communicating Data Uncertainty: Multiwave Experimental Evidence for UK GDP.

Authors :
GALVÃO, ANA BEATRIZ
MITCHELL, JAMES
Source :
Journal of Money, Credit & Banking (John Wiley & Sons, Inc.); Feb2024, Vol. 56 Issue 1, p81-114, 34p
Publication Year :
2024

Abstract

Economic statistics are commonly published without estimates of their uncertainty. We conduct two waves of a randomized controlled online experiment to assess if and how the UK public understands data uncertainty. A control group observes only the point estimate of GDP. Treatment groups are presented with alternative qualitative and quantitative communications of GDP data uncertainty. We find that most of the public understands that GDP numbers are uncertain. Quantitative communications of data uncertainty help align the public's subjective probabilistic expectations of data uncertainty with objective estimates, but do not decrease trust in the statistical office. [ABSTRACT FROM AUTHOR]

Details

Language :
English
ISSN :
00222879
Volume :
56
Issue :
1
Database :
Complementary Index
Journal :
Journal of Money, Credit & Banking (John Wiley & Sons, Inc.)
Publication Type :
Academic Journal
Accession number :
175056704
Full Text :
https://doi.org/10.1111/jmcb.13044