What do the classical errors-in-variables cev assumptions, Ask an Expert

Economics

The following equation describes weekly hours of television viewing by a child in terms of the child's age, mother's education, father's education, and number of siblings:

tvhours* = b0 + b1age + b2age^2 + b3motheduc + b4fatheduc + b5sibs + u.

We are worried that tvhours* is measured with error in our survey. Let tvhours denote the reported hours of television viewing per week.

(i) What do the classical errors-in-variables (CEV) assumptions require in this application?

(ii) Do you think the CEV assumptions are likely to hold? describe.

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Microeconomics, Economics

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