wish me luck boys, tomorrow final boss of my educational career, exam in econometrics. thanks a lot mr. McKee, your videos are so helpful in getting that helicopter view of these concepts. Good luck to anyone still struggeling, we're all gonna make it!
A great overview lecture! I found useful and I've taken several advanced econometric courses. Sometimes it's necessary to take a step back and get a basic review. Thank you!
I have watched and read many papers / videos on instrumental variables, and yours are one of the best for those who just want to get to grips with the model in 30 mins :) Thank you!
why is there experience in the equation to get ed ?(13:10) I thought that in order to have an unbiased model, indep variables should not be correlated between them.. everything crystal clear up to that, very good and intuitive explanation, thanks a lot
I was looking for an intuitive understanding of IV. This is what I found. Absolutely wonderful and clear! If I may ask a question, if education is correlated to error, can we say there must be unobserved confounders?
hey doug, thanks for a great explanation. a question if anyone can help, wont the predicted values of education in the first stg themselves be susceptible to omitted variable bias? do i make sense? thanks!
Good morning Doug Mckee, i have ran the test of endogeneity (Wu-Hausman test)to check if my process variable was endogenous but it resulted not endogenous. Is it right to include anyway in the model the instrumental variable, resulted strong (randomisation) ?
hi, I have 2 different variables that believed to be endogenous but are not in anyway related to each other. I want to run IVs for them both in the same model at the same time. is it possible to do this in stata?
+Soumya Upadhyay They are very different. A mediating variable is one that is on the causal pathway between one of your independent variables and the dependent variable. Suppose you want to know the effect of pet ownership on kids' test scores. In this case, "Happiness" is a mediating variable: Having a pet -> Being happy -> test scores An instrumental variable is one that induces variation in the independent variable of interest but doesn't affect the dependent variable except through it's effect on the independent variables. e.g., local pet food price -> having a pet local pet food price does NOT affect test scores except through its effect on whether someone has a pet.
Sarah Chen Really? I think I've heard of Econometric Academy, but I've certainly never watched any of the videos there. I agree that the production values could be better if that's what you mean.
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This 20min video is better than my 3 hour econometrics lecture
For real, thanks McKee
Best video about instrumental variables
Finally the video I found on RUclips that make me understand what's going on. Thanks
wish me luck boys, tomorrow final boss of my educational career, exam in econometrics.
thanks a lot mr. McKee, your videos are so helpful in getting that helicopter view of these concepts.
Good luck to anyone still struggeling, we're all gonna make it!
This is one of the most magnificent and crystal clear elucidations I have ever seen in respect of the "Magic of IV". Many thanks to this great tutor.
SALEM MADHI So glad you found it useful!
akerklppppa
A great overview lecture! I found useful and I've taken several advanced econometric courses. Sometimes it's necessary to take a step back and get a basic review. Thank you!
I have watched and read many papers / videos on instrumental variables, and yours are one of the best for those who just want to get to grips with the model in 30 mins :) Thank you!
Absolutely amazing lecture to begin IV with! My class slides provided zero intuition. This has been very helpful
Amazing Video Prof!!
Loads of thanks for such simple explanation
Amazing explanation of 2sls
Excellent video, thank you
A very useful introduction. Thanks a lot!
Thank you very much for all the wonderful videos you share here. Keep on the good work!
+Marco Natalie Thanks for the kind words!
why is there experience in the equation to get ed ?(13:10) I thought that in order to have an unbiased model, indep variables should not be correlated between them..
everything crystal clear up to that, very good and intuitive explanation, thanks a lot
Great video. Thanks for sharing your understanding of a pretty complex topic.
A very nice explanation. Thanks!
Excellent lecture! Many thanks :)
I was looking for an intuitive understanding of IV. This is what I found. Absolutely wonderful and clear! If I may ask a question, if education is correlated to error, can we say there must be unobserved confounders?
Thank you so much, the video is very helpful!
Why is exp squared added to the equation ?
Please someone to explain
Great explanation!
hey doug, thanks for a great explanation. a question if anyone can help, wont the predicted values of education in the first stg themselves be susceptible to omitted variable bias? do i make sense? thanks!
Gifted lecturer
Please my IV is a dummy variable, how do I go about it?
this guy is amazing
thank you so much this is just awesome
Good morning Doug Mckee, i have ran the test of endogeneity (Wu-Hausman test)to check if my process variable was endogenous but it resulted not endogenous. Is it right to include anyway in the model the instrumental variable, resulted strong (randomisation) ?
hi, I have 2 different variables that believed to be endogenous but are not in anyway related to each other. I want to run IVs for them both in the same model at the same time. is it possible to do this in stata?
Thank you :)
can anybody explain, can i use Instrumental variable after Logistic Regression?
Thank you for this video! How is instrument variable different from mediation in regression?
+Soumya Upadhyay They are very different. A mediating variable is one that is on the causal pathway between one of your independent variables and the dependent variable. Suppose you want to know the effect of pet ownership on kids' test scores. In this case, "Happiness" is a mediating variable:
Having a pet -> Being happy -> test scores
An instrumental variable is one that induces variation in the independent variable of interest but doesn't affect the dependent variable except through it's effect on the independent variables. e.g.,
local pet food price -> having a pet
local pet food price does NOT affect test scores except through its effect on whether someone has a pet.
Thank you! :)
27 people who gave thumb down have no brain
decent vid
plagiarism from Ani's Econometricacademy, except it is poorly done
Sarah Chen Really? I think I've heard of Econometric Academy, but I've certainly never watched any of the videos there. I agree that the production values could be better if that's what you mean.