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I know it has to do with consistency in the coefficients of the explanetory variable but I just don't understand what it is or how we use it. My professor doesn't explain it well, and I cant seem to find a good source that can explain it well. Can someone help?

Kyle
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    This appears to be fully explained in answers to [what is a complete list of the usual assumptions for linear regression](http://stats.stackexchange.com/a/16460). – whuber Nov 07 '12 at 21:22

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Take a look around page 19 of Peter Kennedy's Guide To Econometrics. In particular Figure 2.5 has a nice graphical presentation of what it means for the asymptotic distribution of an estimator to become concentrated on a particular value $k$ as the sample size grows. If the probability limit $k$ happens to be the true population value, you get consistency. That is the clearest explanation I know, though it is admittedly a crude oversimplification.

dimitriy
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