Apesteguía, JoséBallester, Miguel ÁngelUniversitat Pompeu Fabra. Departament d'Economia i Empresa2024-11-142024-11-142020-02-01Journal of the European Economic Association, forthcoming.http://hdl.handle.net/10230/68554We 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.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative CommonsSeparating predicted randomness from residual behavior<resourceType xmlns="http://datacite.org/schema/kernel-3" resourceTypeGeneral="Other">info:eu-repo/semantics/workingPaper</resourceType><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">goodness of fit; stochastic choice; residual behavior</subject><subject xmlns="http://datacite.org/schema/kernel-3" subjectScheme="keyword">Microeconomics</subject><rights xmlns="http://datacite.org/schema/kernel-3">info:eu-repo/semantics/openAccess</rights>