Staiger and Stock have shown that instrumental variables techniques like 2SLS can be badly biased in "small" samples if the instruments are only weakly correlated with the endogenous variable. And if you're going to use a log or other transformation for analysis, also use it for the plot. How many times is the Null correct? It's very easy to get excited by the prospect of a staggering p-value or a near perfect cross validation error.
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Statistics - Range Rule of Thumb
But I feel that "modern" guidelines are somewhat lacking, especially with the ever growing use of computational and robust statistics in various fields, or the introduction of techniques from the machine learning community in, e. Please, look at the data. A reviewer or your boss or someone else will eventually ask you how exactly you arrived at your result - probably six months or more after you did the analysis. If you're deciding between two ways of analysing your data, try it both ways and see if it makes a difference.
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