“…Thus, the year (or cohort) fixed effects account for any trend in the outcome variable across 60-year cohorts, and the province fixed effects control for any baseline (time-invariant) difference in the outcome variables across provinces ( Mostert and Vall, 2020 ). In all model estimations, one needs two assumptions to be fulfilled: first, the instrument must be relevant in explaining the probability of being treated, and this will be corroborated by the F-test of the first stage equation; and second, the exclusion restriction needs to hold, that is, the instrument should not influence the primary outcome directly through any channel other than treatment ( Mostert and Vall, 2020 , Mostert, 2021 , Mostert, 2021 , Mostert, 2021 , Mostert, 2022 ). In this case, this assumption means that differences in health outcomes between the treated and control groups can only be due to exposure to the 2008 pension reform.…”