How to explain the Omitted Variable Bias
Explaining the omitted variable bias in regression analysis, econometrics.
The Omitted-Variable-Bias is a statistical error occurring when a relevant variable is omitted from a regression analysis. This bias can lead to incorrect conclusions, as the omitted variable may significantly impact the relationship between the variables being analyzed. It is essential to consider all relevant variables carefully when conducting regression analysis to avoid this bias.
Explaining the omitted variable bias in regression analysis, econometrics.
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