Goodness-of-fit in optimizing models
最优化模型的拟合优度
Conventional econometric tests of optimizing models typically involve embedding the optimizing model in a parametric specification and then examining the parametric restrictions imposed by the optimization hypothesis. The optimization hypothesis is rejected if the estimated parameters are significantly different, in the statistical sense, from the values implied by optimization. I argue that a more fruitful approach to testing optimizing behavior is to measure the departure…