Revisiting the Omitted Variables Argument : Substantive vs . Statistical Adequacy

@inproceedings{Spanos2006RevisitingTO,
  title={Revisiting the Omitted Variables Argument : Substantive vs . Statistical Adequacy},
  author={Aris Spanos},
  year={2006}
}
The problem of omitted variables is commonly viewed as a statistical misspeci…cation issue which renders the inference concerning the in‡uence of Xt on yt unreliable, due to the exclusion of certain relevant factors Wt: That is, omitting certain potentially important factorsWt may confound the in‡uence of Xt on yt. The textbook omitted variables argument attempts to assess the seriousness of this unreliability using the sensitivity of the estimator b = (X|X) X|y to the inclusion/exclusion of Wt… CONTINUE READING

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