Let the Data Speak? On the Importance of Theory-Based Instrumental Variable Estimations

In absence of randomized-controlled experiments, identification is often aimed via instrumental variable (IV) strategies, typically two-stage least squares estimations. According to Bayes’ rule, however, under a low ex ante probability that a hypothesis is true (e.g. that an excluded instrument is p...

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Bibliographic details
Volume:	20
Main Author:	Grossmann, Volker Osikominu, Aderonke
Format:	Journal Article
Language:	English
Zielgruppe:	Academic
Place of publication:	HOBOKEN De Gruyter 01.12.2019 WILEY Wiley Subscription Services, Inc
published in:	German economic review (Oxford) Vol. 20; no. 4; pp. 831 - 851
Data of publication:	2019-12-01
ISSN:	1465-6485 1468-0475
EISSN:	1468-0475
Discipline:	Economics
Subjects:	economic development identification instrumental variable estimation macroeconomic theory Bayes’ Rule Economics Business & Economics Social Sciences P-VALUES Bayes' Rule INSTITUTIONS identification instrumental variable estimation macroeconomic theory RELIGION economic development ECONOMIC-GROWTH CULTURE COLONIAL ORIGINS
Online Access:	Fulltext
Database:	Social Sciences Citation Index Web of Knowledge Web of Science - Social Sciences Citation Index – 2019 Web of Science CrossRef Academic OneFile (A&I only) Database information Databases - DBIS