A Unifying Framework for Robust and Efficient Inference with Unstructured Data

Abstract: This paper presents a general framework for conducting efficient and robust inference on parameters derived from unstructured data, which include text, images, audio, and video. Economists have long incorporated data extracted from texts and images into their analyses, a practice that has accelerated with advancements in deep neural networks. However, neural networks do not generically produce unbiased predictions, potentially propagating bias to estimators that use their outputs. To address this challenge, we reframe inference with unstructured data as a missing structured data problem, where structured data are imputed from unstructured inputs using deep neural networks. This perspective allows us to apply classic results from semiparametric inference, yielding valid, efficient, and robust estimators based on unstructured data. We formalize this approach with MARS (Missing At Random Structured Data), a unifying framework that integrates and extends existing methods for debiased inference using machine learning predictions, linking them to a variety of older, familiar problems such as causal inference. We develop robust and efficient estimators for both descriptive and causal estimands and address challenges such as inference using aggregated and transformed predictions from unstructured data. Importantly, MARS applies to common empirical settings that have received limited attention in the existing literature. Finally, we reanalyze prominent studies that use unstructured data, demonstrating the practical value of MARS.

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