Comparing IV with structural models: What simple IV can and cannot identify

This paper compares the economic questions addressed by instrumental variables estimators with those addressed by structural approaches. We discuss Marschak's Maxim: estimators should be selected on the basis of their ability to answer well-posed economic problems with minimal assumptions. A key identifying assumption that allows structural methods to be more informative than IV can be tested with data and does not have to be imposed.

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Year of publication:	2010
Authors:	Heckman, James J. ; Urzúa, Sergio
Publisher:	London : Centre for Microdata Methods and Practice (cemmap)
Subject:	Schätztheorie \| Bias \| Instrumentalvariablen-Schätzmethode \| Instrumental Variables \| Structural Approaches \| Marschak's Maxim

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Series:	cemmap working paper ; CWP08/10
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	10.1920/wp.cem.2010.0810 [DOI] 632183454 [GVK] hdl:10419/64733 [Handle] RePEc:ifs:cemmap:08/10 [RePEc]
Classification:	C31 - Cross-Sectional Models; Spatial Models
Source:	EconStor

Persistent link: https://www.econbiz.de/10010288385