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Separating Predicted Randomness from Residual Behavior
Journal of the European Economic Association ( IF 4.301 ) Pub Date : 2020-05-21 , DOI: 10.1093/jeea/jvaa016
Jose Apesteguia 1 , Miguel A Ballester 2
Affiliation  

We propose a novel measure of goodness of t 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 speci cation 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. (JEL: D00)

中文翻译:

将预测的随机性与残留行为分开

我们提出了一种用于随机选择模型的t优度的新颖度量:即,可以与模型协调的最大数据部分。该过程是将数据分为两部分:一个是由模型的最佳规范生成的,另一个是表示残留行为的部分。我们认为,分离中涉及的三个要素有助于理解数据。我们展示了如何将我们的方法应用于任何随机选择模型,然后研究四个众所周知的模型的情况,每个模型都捕获了不同的随机性概念。我们用实验数据集说明了我们的结果。(JEL:D00)
更新日期:2020-05-21
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