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Reiersøl, Geary and the idea of instrumental variables

Reiersøl, Geary and the idea of instrumental variables
Reiersøl, Geary and the idea of instrumental variables
In the 1940s the method of instrumental variables was introduced for the Method of Instrumental Variables Model. According to Reirsøl, the "idea of using instrumental variable" was introduced independently by himself in 1941 and by Geary in 1943. For the modern reader the "idea" signifies the use of a particular estimator which, under certain assumptions, is consistent for the structural parameters. Geary presents something resembling this but Reirsøl does not. So what was the "idea of using instrumental variables"? The paper tries to answer this question. It sets the work of Reirsøl and Geary in the larger context of work on the EVM in the 1930s and the 1940s.
0012-9984
247-273
Aldrich, John
a8ab8666-24a2-4d98-83bb-6053438c00ee
Aldrich, John
a8ab8666-24a2-4d98-83bb-6053438c00ee

Aldrich, John (1993) Reiersøl, Geary and the idea of instrumental variables. Economic and Social Review, 24 (3), 247-273.

Record type: Article

Abstract

In the 1940s the method of instrumental variables was introduced for the Method of Instrumental Variables Model. According to Reirsøl, the "idea of using instrumental variable" was introduced independently by himself in 1941 and by Geary in 1943. For the modern reader the "idea" signifies the use of a particular estimator which, under certain assumptions, is consistent for the structural parameters. Geary presents something resembling this but Reirsøl does not. So what was the "idea of using instrumental variables"? The paper tries to answer this question. It sets the work of Reirsøl and Geary in the larger context of work on the EVM in the 1930s and the 1940s.

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Published date: April 1993

Identifiers

Local EPrints ID: 32921
URI: http://eprints.soton.ac.uk/id/eprint/32921
ISSN: 0012-9984
PURE UUID: 8b8b92f9-580b-466f-9528-c885b1173175

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Date deposited: 08 Jan 2008
Last modified: 15 Mar 2024 07:40

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