Suppose you are interested in understanding the causal impact of having an MBA (versus just an undergraduate degree in business) on earnings. To this end, you estimate a regression of the following form:
EARNINGS = 55679 + 27809(MBA)
The estimated coefficient above suggests that individuals with an MBA earn $27,809 more than those with just a business undergraduate, on average. Give an example of how omitted variable bias might impact this estimate
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decreased
had no effect on
increased
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