Revisions to What is an instrumental variable?

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edited Nov 23, 2010 at 17:06

csgillespie

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Instrumental variables are becoming increasingly common in applied economics and statistics. For the uninitiated, can we have some non-technical answers to the following questions:

(1) What is an instrumental variable? (2) When would one want to employ an instrumental variable? (3) How does one find or choose an instrumental variable?