Inequality, Entropy and Goodness of Fit
AbstractSpecific 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.
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Date of creation: 06 May 2011
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goodness of fit; discrepancy; income distribution; inequality measurement;
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- Juan Manuel Caicedo & Alejandro Gaviria & Javier Moreno, 2011.
"Hechos y palabras: la realidad colombiana vista a través de la prensa escrita,"
009253, UNIVERSIDAD DE LOS ANDES-CEDE.
- Juan Manuel Caicedo & Alejandro Gaviria & Javier Moreno, 2012. "Hechos y palabras: la realidad colombiana vista a través de la prensa escrita," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 14(26), pages 137-168, January-J.
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