diff --git a/Bitcoin/Sections/Oil_Econometrics.tex b/Bitcoin/Sections/Oil_Econometrics.tex index fa048af..58dc327 100644 --- a/Bitcoin/Sections/Oil_Econometrics.tex +++ b/Bitcoin/Sections/Oil_Econometrics.tex @@ -17,7 +17,7 @@ Where \(Q_{O,b,t}\) is the net present oil produced in a basin state pair b, at time t, \(P_{WTI}\) is the West Texas Intermediate futures price, \(P_{HH}\) is the futures price of the Henry Hub spot market, \(\theta_{t}\) is a month dummy, and \(\gamma_{b,t}\) is a variable that represents the amount of monetary damage from natural disasters.\newline -\textbf{Two-stage Least Square is used, with instruments of:} +\textbf{Three-stage Least Square is used, with instruments of:} \begin{enumerate} \item{VAR model residuals of oil refinery volumes, and gas storage} \item{Regional population weighted cooling and heating degree days}