What is omitted variable bias?
An example of an AI chatbot conversation about omitted variable bias in statistics.
What is omitted variable bias?
Omitted variable bias occurs when a model leaves out one or more relevant variables, leading to incorrect conclusions.
Can you give me an example of this bias?
Sure! If you're studying the effect of education on income but omit work experience, your results may be biased.
How can I identify omitted variable bias in my analysis?
You can identify it by checking if the omitted variables are correlated with both the dependent and independent variables.
What are the consequences of ignoring this bias?
Ignoring omitted variable bias can lead to misleading results and poor decision-making based on those results.
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