Instrumental Variables: An Econometrician's Perspective
NBER Working Paper No. 19983
I review recent work in the statistics literature on instrumental variables methods from an econometrics perspective. I discuss some of the older, economic, applications including supply and demand models and relate them to the recent applications in settings of randomized experiments with noncompliance. I discuss the assumptions underlying instrumental variables methods and in what settings these may be plausible. By providing context to the current applications a better understanding of the applicability of these methods may arise.
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Document Object Identifier (DOI): 10.3386/w19983
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