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Questioning the Validity of Instrumental Variables Results

Remember back to an earlier video, where we looked at the hyothetical question of whether going to college increases how much money you make, using the travel distance between home and the college as an instrumental variable. Researchers looking at this analysis will be worrying about the nonrefutable Exclusion Restriction and Exogeneity Assumption in this design. What do you think the most valid criticism would be?

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