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Misspecification Testing: A Comprehensive Approach

Author

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  • Anya M. McGuirk
  • Paul Driscoll
  • Jeffrey Alwang

Abstract

Misspecification tests of individual assumptions underlying regression models often lead to erroneous conclusions regarding source of misspecification. Monte Carlo experiments demonstrate that a comprehensive set of individual and joint tests reduces the likelihood of such conclusions. A practical testing strategy is proposed and suggestions made regarding its implementation.

Suggested Citation

  • Anya M. McGuirk & Paul Driscoll & Jeffrey Alwang, 1993. "Misspecification Testing: A Comprehensive Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(4), pages 1044-1055.
    • Handle: RePEc:oup:ajagec:v:75:y:1993:i:4:p:1044-1055.
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    File URL: http://hdl.handle.net/10.2307/1243992
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    2. Wenzel, Benjamin P. & Hill, Lowell D. & Garcia, Philip, 2000. "The Effects Of The Micro-Market Structure On Illinois Elevator Spatial Corn Price Differentials," 2000 Conference, April 17-18 2000, Chicago, Illinois 18927, NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    3. McGuirk, Anya M. & Driscoll, Paul J. & Alwang, Jeffrey Roger & Huang, Huilin, 1995. "System Misspecification Testing And Structural Change In The Demand For Meats," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(1), pages 1-21, July.
    4. Hogan, Robert J., Jr. & Carlberg, Jared G. & Ward, Clement E. & Peel, Derrell S., 2012. "Factors Affecting Quality Grade Discounts for Fed Cattle," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119814, Southern Agricultural Economics Association.
    5. Chen, Xiaofen, 2007. "Banking deregulation and credit risk: Evidence from the EU," Journal of Financial Stability, Elsevier, vol. 2(4), pages 356-390, March.
    6. Alwang, Jeffrey & Siegel, Paul B. & Jorgensen, Steen L., 1996. "Seeking guidelines for poverty reduction in rural Zambia," World Development, Elsevier, vol. 24(11), pages 1711-1723, November.
    7. William G. Tomek & Harry M. Kaiser, 1999. "On improving econometric analyses of generic advertising impacts," Agribusiness, John Wiley & Sons, Ltd., vol. 15(4), pages 485-500.
    8. Wildner, Susanne, 2001. "Quantifizierung der Preis– und Ausgabenelastizitäten für Nahrungsmittel in Deutschland: Schätzung eines LA/AIDS," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 50(05), pages 1-11.
    9. Siaplay, Mounir & Anderson, Kim B. & Brorsen, B. Wade, 2007. "Using Basis and Futures Prices as a Barometer in Deciding Whether to Store Grain or Not," 2007 Conference, April 16-17, 2007, Chicago, Illinois 37575, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    10. Maynard, Leigh J. & Stoeppel, Kelly M., 2007. "Hedonic Price Analysis of Thoroughbred Broodmares in Foal," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 25(2), pages 1-15.
    11. Melissa G. S. McKendree & Glynn T. Tonsor & Ted C. Schroeder & Nathan P. Hendricks, 2020. "Impacts of Retail and Export Demand on United States Cattle Producers," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(3), pages 866-883, May.
    12. Dameus, Alix & Tilley, Daniel S. & Brorsen, B. Wade, 2000. "Caribbean Demand Of U.S. And Rest-Of-The-World Starchy Food (Wheat, Rice, Corn, And Fresh Potatoes): A Restricted Source Differentiated Almost Ideal Demand System," A.E. Series 25232, Oklahoma State University, Department of Agricultural Economics.
    13. Huang, Jikun & Rozelle, Scott, 1996. "Technological change: Rediscovering the engine of productivity growth in China's rural economy," Journal of Development Economics, Elsevier, vol. 49(2), pages 337-369, May.
    14. Coulibaly, Nouhoun & Brorsen, B. Wade, 1998. "Resolving The Conflicts Between Previous Meat Generic Advertising Studies," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20897, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    15. Kaltsas, Ioannis K. & Bosch, Darrell J. & McGuirk, Anya M., 2005. "Spatial Econometrics Revisited: A Case Study of Land Values in Roanoke County," 2005 Annual meeting, July 24-27, Providence, RI 19406, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    16. Mulenga, Brian P. & Brorsen, B. Wade & Epplin, Francis M. & Rush, Charles M. & Workneh, Fekede, 2018. "Economic Threshold of Wheat Streak Mosaic Virus in the Texas High Plains," 2018 Annual Meeting, February 2-6, 2018, Jacksonville, Florida 266665, Southern Agricultural Economics Association.
    17. Lee, Young-Jae & Kennedy, P. Lynn, 2008. "An Examination of Inverse Demand Models: An Application to the U.S. Crawfish Industry," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 37(2), pages 1-14.
    18. Yihua Yu, 2010. "Determinants of variations in state per capita personal income: a panel data approach," Applied Economics Letters, Taylor & Francis Journals, vol. 17(3), pages 235-239, February.
    19. Jaime Ortiz, 1999. "The role of interest groups in agricultural policy design: Chile 1960-1988," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(2), pages 241-258.
    20. Ortiz, Jaime, 2000. "Welfare implications on Chilean agriculture as a result of collective action," Food Policy, Elsevier, vol. 25(2), pages 169-188, April.
    21. Cowley, Cortney & Brorsen, B. Wade, 2018. "Anaerobic Digester Production and Cost Functions," Ecological Economics, Elsevier, vol. 152(C), pages 347-357.
    22. Hasrina Mustafa & Fahri Ahmed & Waffa Wahida Zainol & Azlizan Mat Enh, 2021. "Forecasting the Impact of Gross Domestic Product (GDP) on International Tourist Arrivals to Langkawi, Malaysia: A PostCOVID-19 Future," Sustainability, MDPI, vol. 13(23), pages 1-16, December.
    23. Tomek, William G., 2000. "Commodity Prices Revisited," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 29(2), pages 1-13, October.

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