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- W3123403564 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 aggregation of, for example, individual income discrepancies between model and data. We provide an axiomatisation of an approach and applications to illustrate its importance." @default.
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- W3123403564 date "2009-01-01" @default.
- W3123403564 modified "2023-09-26" @default.
- W3123403564 title "Goodness-of-fit: an economic approach" @default.
- W3123403564 hasPublicationYear "2009" @default.
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