S4E03 Two-Stage Least Squares Strikes Back
Quantitude
Two Stage Lee Squares Estimator for Latent Variable Equations
In the early 90s, Ken Gosh woke up and thought of a way to use two stage Lee Squares. He developed an estimator for latent variable equations that can be applied to SCM. This is one of the things that has really led to the limitations of use in at least behavioral sciences. It's easier to do this in econometrics because you can look at things like x, but not with y.
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