By looking at most of the research based studies across the reputed journals in the field of economics and finance, it can be seen that the papers, which have been cited mostly by the researchers across the world, are majorly empirical in nature. From this argument, it is not that hard to believe that devoid of an empirical analysis to answer any specific research problem, it is very hard to place that work in the existing body of literature in the aforementioned two subject domains. However, this phenomenon is not true for all the cases. There are certain specific areas in these two subject areas, where a good research based study can be carried out without performing an empirical analysis.
Suppose, a researcher wants to carry out a study based on the black marketing scenario regarding the liquid petroleum gas (LPG) cylinders to be used in the households. This is such a case, where hardly any statistical data will be available, and collection of primary data may prove out to be a risky venture for the researcher. Theoretical formulation of the model for the estimation of number of LPG cylinders being sold at black market can be carried out. However, devoid of any real life evidence, this model can never be tested. In order to address this issue, a particular location based case analysis can solve the purpose. In order to do so, the model has to be designed in such a way, that it can capture the available public data, and the variable to be estimated can be theoretically demonstrated at the best possible level. In this course, any critical empirical analysis will not be required, and only reporting of the available data will suffice the entire exercise.
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