I'm curious if anyone here can summarize the differences between the I.V. and control function approach to handling endogeneity. I think endogeneity is usually addressed using the 2SLS or IV approach and, having briefly studied the control function approach, am unsure what the CF approach offers that 2SLS and IV approaches do not offer.
Can anyone help me clarify here? When would I use a CF approach rather than 2SLS, what does this approach offer that the other two do not etc.
I am a newbie with metrics so any and all input is appreciated.