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An old economic question is the effect of schooling on wages, which are strongly and positively related. Give an example of an omitted variable that might bias the estimated relationship, and explain

An old economic question is the effect of schooling on wages, which are strongly and positively related. Give an example of an omitted variable that might bias the estimated relationship, and explain why you think it's a problem. Be sure to talk about the two features of a problematic omitted variable. Edit View insert Format Tools Table 12pt Paragraph BI VALODY Y O words Question 2 3 pts One approach to solving the problem estimating the impact of schooling on wages is limit your attention to limit attention to identical twins. How might that help? Does it solve all the problems?

Apr 12 2021 View more View Less

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