When multiple instruments are available, conventional instrumental variable estimators aggregate across potentially heterogeneous margins of compliance and may yield effects that lack a clear economic interpretation. The problem is compounded when some instruments violate the exclusion...

Violence is often viewed as an intrinsic feature of illicit markets, driven by competition, disputes, and predation. We argue that the connection between violence and markets is not exclusive to illicit markets and that in the absence of strong institutions these factors exist ubiquitously....