Question: c. (5 marks) Explain with detailed arguments whether there is any valid instrument to estimate a2. If your answer is positive, demonstrate that the

c. (5 marks) Explain with detailed arguments whether there is any valid

c. (5 marks) Explain with detailed arguments whether there is any valid instrument to estimate a2. If your answer is positive, demonstrate that the corresponding instru- mental variable (IV) estimate is consistent.

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