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Causal Inference The Mixtape - 7 Instrumental Variables

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Just as Archimedes said, “Give me a fulcrum, and I shall move the world,” you could just as easily say that with a good-enough instrument, you can identify any causal effect. But, while that is hyperbole, for reasons we will soon see, it is nonetheless the case that the instrumental variables (IV) design is potentially one of most important research designs ever devised. It is also unique because it is one of those instances that the econometric estimator was not simply ripped off from statistics (e.g., Eicker-Huber-White standard errors) or imported from some other field (e.g., like regression discontinuity). IV was invented by an economist, and its history is fascinating. Philip Wright was born in 1861 and died in 1934. He received his bachelor’s degree from Tufts in 1884 and a master’s degree from Harvard in 1887. His son, Sewall Wright, was born in 1889 when Philip was 28. The family moved from Massachusetts to Galesburg, Illinois, where Philip took a position as professor of mathe

7 Instrumental Variables – Causal Inference The Mixtape Causal Inference: The Mixtape. Buy the print version today: Buy from Amazon Buy from Yale Press \[ % Define terms \newcommand{\Card}{\text{Card }} \DeclareMathOperator*{\cov}{cov} \DeclareMathOperator*{\var}{var} \DeclareMathOperator{\Var}{Var\,} \DeclareMathOperator{\Cov}{Cov\,} \DeclareMathOperator{\Prob}{Prob} \newcommand{\independent}{\perp \!\!\! \perp} \DeclareMathOperator{\Post}{Post} \DeclareMathOperator{\Pre}{Pre} \DeclareMathOperator{\Mid}{\,\vert\,} \Decla

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Causal Inference The Mixtape - 7 Instrumental Variables

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