2. No Endogeneity
- Technically, Endogeneity occurs when a predictor variable (x) in a regression model is correlated with the error term (e) in the model.
- This usually occurs due to the Omitted Variable Bias (when we forget to include a relevant variable in the Model).
- As the thing that we don’t explain with our model goes into the error, the error would be correlated to the variable that we have omitted.
- Omitted Variable Bias is hard to find. When in doubt, include the Variable in the model and try it yourself.
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These are some of the Assumptions to be pondered while Applying Ordinary Least Square Method and Performing Regression Analysis.
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