Instrumental variables and the search for identification: from supply and demand to natural experiments
The method of instrumental variables was first used in the 1920s to estimate supply and demand elasticities, and later used to correct for measurement error in single-equation models. Recently, instrumental variables have been widely used to reduce bias from omitted variables in estimates of causal...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
NBER
2001
|
| Series: | Working paper series / National Bureau of Economic Research
8456 |
| Online Access: | Volltext |
| Summary: | The method of instrumental variables was first used in the 1920s to estimate supply and demand elasticities, and later used to correct for measurement error in single-equation models. Recently, instrumental variables have been widely used to reduce bias from omitted variables in estimates of causal relationships such as the effect of schooling on earnings. Intuitively, instrumental variables methods use only a portion of the variability in key variables to estimate the relationships of interest; if the instruments are valid, that portion is unrelated to the omitted variables. We discuss the mechanics of instrumental variables, and the qualities that make for a good instrument, devoting particular attention to instruments that are derived from 'natural experiments.' A key feature of the natural experiments approach is the transparency and refutability of identifying assumptions. We also discuss the use of instrumental variables in randomized experiments. |
| Physical Description: | 29 S. graph. Darst. 22 cm |
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| spelling | Angrist, Joshua D. 1960- Verfasser (DE-588)124748430 aut Instrumental variables and the search for identification from supply and demand to natural experiments Joshua D. Angrist ; Alan B. Krueger Cambridge, Mass. NBER 2001 29 S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 8456 The method of instrumental variables was first used in the 1920s to estimate supply and demand elasticities, and later used to correct for measurement error in single-equation models. Recently, instrumental variables have been widely used to reduce bias from omitted variables in estimates of causal relationships such as the effect of schooling on earnings. Intuitively, instrumental variables methods use only a portion of the variability in key variables to estimate the relationships of interest; if the instruments are valid, that portion is unrelated to the omitted variables. We discuss the mechanics of instrumental variables, and the qualities that make for a good instrument, devoting particular attention to instruments that are derived from 'natural experiments.' A key feature of the natural experiments approach is the transparency and refutability of identifying assumptions. We also discuss the use of instrumental variables in randomized experiments. Krueger, Alan B. 1960-2019 Verfasser (DE-588)124526535 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 8456 (DE-604)BV002801238 8456 http://papers.nber.org/papers/w8456.pdf kostenfrei Volltext |
| spellingShingle | Angrist, Joshua D. 1960- Krueger, Alan B. 1960-2019 Instrumental variables and the search for identification from supply and demand to natural experiments |
| title | Instrumental variables and the search for identification from supply and demand to natural experiments |
| title_auth | Instrumental variables and the search for identification from supply and demand to natural experiments |
| title_exact_search | Instrumental variables and the search for identification from supply and demand to natural experiments |
| title_exact_search_txtP | Instrumental variables and the search for identification from supply and demand to natural experiments |
| title_full | Instrumental variables and the search for identification from supply and demand to natural experiments Joshua D. Angrist ; Alan B. Krueger |
| title_fullStr | Instrumental variables and the search for identification from supply and demand to natural experiments Joshua D. Angrist ; Alan B. Krueger |
| title_full_unstemmed | Instrumental variables and the search for identification from supply and demand to natural experiments Joshua D. Angrist ; Alan B. Krueger |
| title_short | Instrumental variables and the search for identification |
| title_sort | instrumental variables and the search for identification from supply and demand to natural experiments |
| title_sub | from supply and demand to natural experiments |
| url | http://papers.nber.org/papers/w8456.pdf |
| volume_link | (DE-604)BV002801238 |
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