a) The probability limit of the OLS estimator in the case of omitted variables is givenby the following formula:OuB, - B1 + PxuOxGive an intuitive explanation for conditions under which the bias term in this equationwill be small.

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Answered: a) The probability limit of the OLS…

A First Course in Probability (10th Edition)

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a) The probability limit of the OLS estimator in the case of omitted variables is given by the following formula: Ou B, B1 + Pxu Ox Give an intuitive explanation for conditions under which the bias term in this equation will be small.