Re-estimate the relationship in a. using instrumental variable estimation (2SLS),with momalc, dadalc, stalccon, and beertax as instruments for alcdep. How doesthe estimated coefficient on alcdep change from the OLS estimate? What happensto the estimated standard error of that coefficient?; Re-estimate the relationship in a. using instrumental variable estimation (2SLS),with momalc, dadalc, stalccon, and beertax as instruments for alcdep. How doesthe estimated coefficient on alcdep change from the OLS estimate? What happensto the estimated standard error of that coefficient?
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