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st: Interpretation of Smith-Blundell exog. test
I've got a Q related to the interpretation of the Smith-Blundell test.
It is provided both by *ivprobit* and *probexog*.
The help file for probexog states "A rejection indicates that the
standard probit (tobit) estimator should not be employed."
So if rejected one should use an IV-technique.
When the test is run it is necessary to provide some instruments. The
question is: would not a rejection also mean that the instruments you
have provided are not good enough in an IV-estimation?
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