Separating predicted randomness from residual behavior
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- dc.contributor.author Apesteguía, José
- dc.contributor.author Ballester, Miguel Ángel
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2024-11-14T10:09:34Z
- dc.date.available 2024-11-14T10:09:34Z
- dc.date.issued 2020-02-01
- dc.date.modified 2024-11-14T10:07:29Z
- dc.description.abstract We propose a novel measure of goodness of fit for stochastic choice models: that is, the maximal fraction of data that can be reconciled with the model. The procedure is to separate the data into two parts: one generated by the best specification of the model and another representing residual behavior. We claim that the three elements involved in a separation are instrumental to understanding the data. We show how to apply our approach to any stochastic choice model and then study the case of four well-known models, each capturing a different notion of randomness. We illustrate our results with an experimental dataset.
- dc.format.mimetype application/pdf*
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=1757
- dc.identifier.citation Journal of the European Economic Association, forthcoming.
- dc.identifier.uri http://hdl.handle.net/10230/68554
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 1757
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword goodness of fit; stochastic choice; residual behavior
- dc.subject.keyword Microeconomics
- dc.title Separating predicted randomness from residual behavior
- dc.title.alternative
- dc.type info:eu-repo/semantics/workingPaper