“…youth unemployment rate, as the instrumental variable (see Rothstein, 2007;Beffy et al, 2013;Holford, 2020;Lee & Orazem, 2010). Other studies use child labor laws (Tyler, 2003;Apel et al, 2008), the proportion of unearned income (DeSimone, 2006), paternal schooling (DeSimone, 2008), socio-economic status of the family (Simon et al, 2017), amount of financial aid students obtain (Sprietsma, 2015), or the variation in area house prices (Darolia, 2014) as their instrumental variables. Related to the instrumental variable estimation, some researchers rely on the simultaneous equation modeling (Parent, 2006).…”