Figure 3
The diagram presents estimation techniques in a hierarchical structure. At the top, a rounded rectangle labeled “Estimation Techniques” is centered. A vertical line extends downward from this top box and branches horizontally into three separate boxes. The left box is labeled “2 S L S slash I V Estimation”. The center box is labeled “F E plus Driscoll-Kraay”. The right box is labeled “P C S E (Correlated panels)”.Empirical flowchart. Source: Authors’ own work