Heckman Correction

The Heckman Correction is a statistical method used to adjust for bias in estimates when data selection affects the results. For example, if we study the impact of education on income but only collect data from people who are employed, we might miss how education affects those who are unemployed. The Heckman Correction helps to account for this issue by modeling the selection process and correcting the results, ensuring a more accurate understanding of the relationship being studied. It’s especially useful in economics and social sciences where sample selection can skew findings.