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Inequality, Entropy and Goodness of Fit

  • Frank A. Cowell

    ()

    (STICERD - London School of Economics)

  • Emmanuel Flachaire

    ()

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - CNRS : UMR6579)

  • Sanghamitra Bandyopadhyay

    ()

    (STICERD - London School of Economics)

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.

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Paper provided by HAL in its series Working Papers with number halshs-00591077.

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Date of creation: 06 May 2011
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Handle: RePEc:hal:wpaper:halshs-00591077
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