Ready tof Accessibility: Investigate K5fx Ready for Accessibility: Investigate USE THE FOLLOWING DATASET TO ANSWER QUESTION 2 The dataset "EducReturns.xls" contains variables: "lw": log wage. - "ability": ability measured by iq score. - "age": age in years. - "educ": years of education. - "expr": years of work experience. - "pareduc": mother's years of education. - "kww": Knowledge world of work score. Consider the structural model lw=0+1ability+2age+3educ+4expr+U, where ability is endogenous, and age, educ, and expr are jointly exogenous. With the exogenous independent variables and two excluded IVs pareduc and kww, run a regression using TSLS and report the results. (4 points) USE THE FOLLOWING DATASET TO ANSWER QUESTION 2 The dataset "EducReturns.xls" contains variables: - "lw": log wage. . "ability": ability measured by iq score. - "age": age in years. - "educ": years of education. - "expr": years of work experience. - "pareduc": mother's years of education. - "kww": Knowledge world of work score. Consider the structural model lw=0+1ability+2age+3educ+4expr+UI where ability is endogenous, and age, educ, and expr are jointly exogenous. With the exogenous independent variables and two excluded IVs pareduc and kww, run a regression using TSLS and report the results. (4 points) BONUS (a) Run the TSLS estimation in questions 2 and obtain the Sargan test, first-stage F test, and Hausman test results using Stata. (6 points) Ready tof Accessibility: Investigate K5fx Ready for Accessibility: Investigate USE THE FOLLOWING DATASET TO ANSWER QUESTION 2 The dataset "EducReturns.xls" contains variables: "lw": log wage. - "ability": ability measured by iq score. - "age": age in years. - "educ": years of education. - "expr": years of work experience. - "pareduc": mother's years of education. - "kww": Knowledge world of work score. Consider the structural model lw=0+1ability+2age+3educ+4expr+U, where ability is endogenous, and age, educ, and expr are jointly exogenous. With the exogenous independent variables and two excluded IVs pareduc and kww, run a regression using TSLS and report the results. (4 points) USE THE FOLLOWING DATASET TO ANSWER QUESTION 2 The dataset "EducReturns.xls" contains variables: - "lw": log wage. . "ability": ability measured by iq score. - "age": age in years. - "educ": years of education. - "expr": years of work experience. - "pareduc": mother's years of education. - "kww": Knowledge world of work score. Consider the structural model lw=0+1ability+2age+3educ+4expr+UI where ability is endogenous, and age, educ, and expr are jointly exogenous. With the exogenous independent variables and two excluded IVs pareduc and kww, run a regression using TSLS and report the results. (4 points) BONUS (a) Run the TSLS estimation in questions 2 and obtain the Sargan test, first-stage F test, and Hausman test results using Stata. (6 points)