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OLS assumptions, which one buys you what?

Consider the linear model y=Xβ+εy = X\beta + \varepsilon estimated by ordinary least squares.

List the classical OLS assumptions and, for each, state exactly which property of the estimator it delivers, unbiasedness, efficiency, or valid inference, and what fails without it.

Your answer

This one is open-ended. Work it through, then check your reasoning against the full solution.

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