Replicability and Reliability in Economic Research

Economic research has a replicability rate of about 60% with significant p-values. However, like psychology, the effect sizes in replications are consistently smaller. When the field of economics bet on replication studies, they were accurate 75% of the time, indicating a discrepancy. Fields of science seem to doubt the reliability of their own standards, recognizing issues with consensus standards for research publishing. Despite knowing this, individual research continues, leading to a lack of transparency in reporting verifiable results. The focus on statistical significance with p-values less than .05 creates a facade of trustworthiness in publications, press releases, and media coverage, further misleading the public.