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What is Understanding Endogeneity in Econometrics about?

This document introduces the concept of endogeneity in linear regression models and discusses instrumental variable techniques to address it. It notes that when explanatory variables are correlated with the error term, ordinary least squares estimates will be biased and inconsistent. Instrumental variables are introduced as a solution, which must be correlated with endogenous regressors but uncorrelated with the error term. The instrumental variable estimator and two-stage least squares estimator are then d

Author

Volkan Veli

Language

EN