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in the model log(wage)= B0+b1educ+u suppose that (motheduc,fatheduc) are valid instruments for educ. Suppose we use a residual-based test and we cannot reject the nul

in the model log(wage)= B0+b1educ+u suppose that (motheduc,fatheduc) are valid instruments for educ. Suppose we use a residual-based test and we cannot reject the nul hypothesis that educ is exogenous at the 5% significance level. In this case, we should

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