How the (Econometric) Sausage is Made

I have never been very into magic or illusions. Even as a child I did not really care. Magic is the original (or at least a much older version of) "fake news". Even if I don't understand how the trick was done, I know it is a trick. While I can appreciate -- I guess -- the skill in pulling off the trick, I don't care enough to really watch. And, I'm certainly never convinced that magic is real. While magic is not real, how does it work? The most common "trick" employed is distraction. The magician needs to distract your eyes. Look here! No, not there! While your eyes are focused where the magician wants, the magician is free to manipulate things elsewhere without scrutiny. I have been thinking about the process of magic a little bit lately ... when I have a free brain cell or two to devote to econometrics. How does magic connect to econometrics, you ask? Well, I'm sure there are plenty of potential answers, but the connection that has been floating i