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Refers to the conditions under which a statistics procedure yields valid estimates and/or inference. E.g., many statistical techniques require the assumption that the data are randomly sampled in some way. Theoretical results about estimators usually require assumptions about the data generating mechanism.
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Implication for OLS of not using time component with panel data?
Would this violate some assumptions?
How can I get around it (if at all)?
Can I treat the data as cross-sectional data? Even though there are 20 observations per city across the variables. …