The difference between correlation and causality and counterfactual worlds

When we see more people eating ice cream, also more people suffer from heat strokes. Is this correlation or causality? Can eating ice cream cure a heat stroke? We dive into the concept of counterfactuals to understand how we can draw better conclusions from data.

0:00 Introduction
0:10 Correlation vs. Causality
1:51 The concept of counterfactuals
5:55 Unobserved heterogeneity and self-selection (endogeneity)
6:36 Using more data
7:03 Experiments

Narration and script: Christian Peukert
Animations and editing: Margaritha Windisch
Music: Nerdcandy Audio