Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
Most of the empirical literature inappropriately applies Hendry’s (1995) mean lag formula–which he derived for first order autoregressive distributed lag models under the assumption of a homogeneous long-run equilibrium–to error correction models that have complex lag structures and lack long-run homogeneity. We derive an expression for the mean lag in general error correction models without imposing the assumption of a homogeneous equilibrium. In addition, we quantify the bias due to the incorrect use of Hendry’s (1995) formula.