The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
Avoiding Invalid Instruments and Coping with Weak Instruments
Abstract
Archimedes said, “Give me the place to stand, and a lever long enough, and I will move the Earth.” Economists have their own powerful lever: the instrumental variable estimator. The instrumental variable estimator can avoid the bias that ordinary least squares suffers when an explanatory variable in a regression is correlated with the regression's disturbance term. But, like Archimedes' lever, instrumental variable estimation requires both a valid instrument on which to stand and an instrument that isn't too short (or “too weak”). This paper briefly reviews instrumental variable estimation, discusses classic strategies for avoiding invalid instruments (instruments themselves correlated with the regression's disturbances), and describes recently developed strategies for coping with weak instruments (instruments only weakly correlated with the offending explanator).
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Citations
Cites
Instrumental Variables Regression with Weak Instruments
Staiger, D., & Stock, J. (1994) · doi:10.3386/t0151 · Cited by 5,302 · cited 1×
“With a very weak instrument, two-stage least squares might be seriously biased in even quite large samples (Bound, Jaeger, and Baker, 1995; Staiger and Stock, 1997).”
BackgroundIdentification and estimation of local average treatment effects
Imbens, G. W., & Angrist, J. D. (1994) · Econometrica · doi:10.2307/2951620 · Cited by 4,101
Angrist, J. D., & Krueger, A. B. (2001) · Journal of Economic Perspectives · doi:10.1257/jep.15.4.69 · Cited by 2,355
Bound, J., Jaeger, D. A., & Baker, R. M. (1995) · Journal of the American Statistical Association · doi:10.2307/2291055 · Cited by 1,018
Cited by
Angrist, J. D., & Krueger, A. B. (2001) · Journal of Economic Perspectives · doi:10.1257/jep.15.4.69 · Cited by 2,355
Using multiple genetic variants as instrumental variables for modifiable risk factors
Palmer, T. M., Lawlor, D. A., Harbord, R. M., Sheehan, N. A., Tobias, J. H., Timpson, N. J., Smith, G. D., & Sterne, J. A. (2012) · Statistical Methods in Medical Research · doi:10.1177/0962280210394459 · Cited by 1,289
Controlling for endogeneity with instrumental variables in strategic management research
Bascle, G. (2008) · Strategic Organization · doi:10.1177/1476127008094339 · Cited by 1,133
Sanderson, E., Davey Smith, G., Windmeijer, F., & Bowden, J. (2019) · International Journal of Epidemiology · doi:10.1093/ije/dyy262 · Cited by 1,085
Neighborhood Effects on the Long-Term Well-Being of Low-Income Adults
Ludwig, J., Duncan, G. J., Gennetian, L. A., Katz, L. F., Kessler, R. C., Kling, J. R., & Sanbonmatsu, L. (2012) · Science · doi:10.1126/science.1224648 · Cited by 747
Metadata
- Authors
- Murray, M. P.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 2006-08-01
- Volume
- 20
- Issue
- 4
- Pages
- 111-132
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2109437759
- Cited by
- 1,092
- References
- 4
- FWCI
- 36.61
- Type
- journal article
- Language
- en
- Open access
- closed
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