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Comparing IV With Structural Models: What Simple IV Can and Cannot Identify

James Heckman and Sergio Urzua

No 14706, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: C31 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ecm
Date: 2009-02
Note: TWP
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Published as Heckman, James J. & Urzúa, Sergio, 2010. "Comparing IV with structural models: What simple IV can and cannot identify," Journal of Econometrics, Elsevier, vol. 156(1), pages 27-37, May.

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Related works:
Journal Article: Comparing IV with structural models: What simple IV can and cannot identify (2010) Downloads
Working Paper: Comparing IV with structural models: what simple IV can and cannot identify (2010) Downloads
Working Paper: Comparing IV with Structural Models: What Simple IV Can and Cannot Identify (2009) Downloads
Working Paper: Comparing IV with Structural Models: What Simple IV Can and Cannot Identify (2009) Downloads
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