possible solutions to omitted variable bias, when the omitted variable is not observed, include the following with the exception of: use of randomized controlled experiments. panel data estimation. nonlinear least squares estimation. use of instrumental variables regressions.

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12-12-2022
Mathematics

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possible solutions to omitted variable bias, when the omitted variable is not observed, include the following with the exception of: use of randomized controlled experiments. panel data estimation. nonlinear least squares estimation. use of instrumental variables regressions.

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AyushiJain10 AyushiJain10 · Answer 1 · 2022-12-21T10:32:49-05:00

The correct answer is use of randomized controlled experiments. Randomized controlled experiments are used to test the impact of a certain variable on the outcome, not to address omitted variable bias. The other solutions listed can be used to address omitted variable bias.

What is bias?

Bias is a form of prejudice or preconceived notion, typically for or against a particular group or individual. It is often based on incorrect or incomplete information, or a lack of understanding and can lead to unfair discrimination or judgement. Bias can be expressed in both subtle and overt ways through actions, decisions, and statements. It can influence decision-making, workplace behavior, and relationships in an unfair and negative way. Bias often manifests when people allow their own personal views to override impartial judgement, which can lead to unfair decisions and unequal treatment. It is important to be aware of biases and strive to remain open-minded, objective, and impartial in order to ensure fair and equitable treatment of all individuals.

To learn more about bias
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