Comparing IV with structural models: What simple IV can and cannot identify

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.

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Year of publication:	2010
Authors:	Heckman, James J. ; Urzúa, Sergio
Published in:	Journal of Econometrics. - Elsevier, ISSN 0304-4076. - Vol. 156.2010, 1, p. 27-37
Publisher:	Elsevier
Keywords:	Instrumental variables Structural approaches Marschak's Maxim

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008507294