Diagnosing Left-Out Variables

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Regressors:  Overview

Left-Out Variables
Definition
Proof

Irrelevant Variables
Definition
Effects
Diagnosis
Treatment

Multicollinearity
Definition
Effects
Diagnosis
Treatment

Summary Matrix

Pitfalls

• Why is using race (or marital status) as a regressor a really bad idea?
• What is wrong with highest grade attained (or years in school) as a measure of education?
• Should I worry about really small, but significant coefficients?