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Of course it is. This is only news to people who think being able to use a couple of Python libraries makes them a "scientist" of some sort. See also instrumen
by nanis 8y ago
Of course it is. This is only news to people who think being able to use a couple of Python libraries makes them a "scientist" of some sort.
See also instrumental variables[1]. Oh, sorry, I forgot, who needs all of the thought that went into the development of econometrics as a discipline? We now have data mining as a career.
[1]: https://www.nuffield.ox.ac.uk/teaching/economics/bond/instrumental%20variables1.pdf https://www.nuffield.ox.ac.uk/teaching/economics/bond/instru...
- 0815test 8y ago>See also instrumental variables See also causal inference, a subfield of statistics that generalizes instrumental variables and other "controlling" constructs in a very simple and effective way.
- soVeryTired 8y agoTranslating to the language of econometrics, I think the point of this paper is that oftentimes, the instrument that you're using has errors in its measurement, or is just a proxy for the 'real' instrument that you'd like to use. If that's the case, when IV is interpreted as a two-stage regression, you might still have covariates that are correlated with the residuals in the second stage.