Just How Sensitive are Instrumental Variable Estimates?
本文发现工具变量的函数形式（如取对数）会显著改变估计结果，并分析了原因和应对方法，提醒研究者注意这一敏感性。
Researchers regularly use instrumental variables to resolve concerns about regressor endogeneity. The existing literature has correctly emphasized that the choice of instrumental variables matter for the resulting estimates. This paper shows that researchers should also be concerned that the functional form of the instrument matters as well for the resulting estimates. For example, simply changing an instrumental variable from the level to the logarithm can change estimates directly. This article documents the problem, suggests why the problem occurs and suggests different approaches to the problem.