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Goodness-of-Fit: An Economic Approach.

Abstract:

Specific functional forms are often used in economic models of distributions; goodness-of-fit measures are used to assess whether a functional form is appropriate in the light of real-world data. Standard approaches use a distance criterion based on the EDF, an aggregation of differences in observed and theoretical cumulative frequencies. However, an economic approach to the problem should involve a measure of the information loss from using a badly-fitting model. This would involve an agg...

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Publisher:
Department of Economics (University of Oxford)
Series:
Discussion paper series
Publication date:
2009-01-01
Language:
English
UUID:
uuid:22ff6347-5598-45b2-b248-9fb2c189c3a3
Local pid:
oai:economics.ouls.ox.ac.uk:14275
Deposit date:
2011-08-16

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