Paper emphasizes IV corrects price endogeneity and that controlling for capital stock yields proper short-run elasticities; RECS 2SLS with capital-stock controls (Table 8 Panel B) is the identification+interpretation frontier || 'controlling for capital stock produces short run price elasticities' (p.239); 'indicate a large and plausible change in the price elasticity when going from OLS to 2SLS' (p.244)
Miller, M., & Alberini, A. (2016): "Sensitivity of price elasticity of demand to aggregation, unobserved heterogeneity, price trends, and price endogeneity: Evidence from U.S. Data." Energy Policy, 97, 235–249.