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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...
Persistent link: https://www.econbiz.de/10005012096
The probability of selection into treatment plays an important role in matching and selection models. However, this probability can often not be consistently estimated, because of choice-based sampling designs with unknown sampling weights. This note establishes that the selection and matching...
Persistent link: https://www.econbiz.de/10005061605
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This paper examines the family income—college enrolment relationship and the evidence on credit constraints in post--secondary schooling. We distinguish short run liquidity constraints from the long term factors that promote cognitive and noncognitive ability. Long run factors crystallised in...
Persistent link: https://www.econbiz.de/10005072204
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The major contributions of twentieth century econometrics to knowledge were the definition of causal parameters within well-defined economic models in which agents are constrained by resources and markets and causes are interrelated, the analysis of what is required to recover causal parameters...
Persistent link: https://www.econbiz.de/10005075859
This paper investigates four topics. (1) It examines the different roles played by the propensity score (probability of selection) in matching, instrumental variable and control functions methods. (2) It contrasts the roles of exclusion restrictions in matching and selection models. (3) It...
Persistent link: https://www.econbiz.de/10005088702
This paper presents a new framework for analyzing inequality that moves beyond the anonymity postulate. We estimate the determinants of sectoral choice and the joint distributions of outcomes across sectors. We determine which components of realized earnings variability are due to uncertainty...
Persistent link: https://www.econbiz.de/10005089211