Decision Sciences
4 years ago

New test revolutionizes model specification in IV and GMM settings!

SSRN Electronic Journal
Testing a Parametric Function Against a Nonparametric Alternative in IV and GMM Settings
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Paper Summary

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The article presents a test to check if a mathematical model fits real-world data well. The test is designed for situations where the model is based on certain conditions and includes complex functions. The goal is to see if the model's function is simple or more complex. The test is easy to use and has been shown to work effectively in computer simulations.