Nonparametric selection of regressors: the nonnested case
Article Abstract:
Regressors play an important part in empirical modelling. However, researchers often encounter difficulties in selecting the appropriate regressors for their studies because there is either no theory that provides the regressors to be used or competing theories lead to different nonnested sets. This problem can be resolved by using a consistent and directional testing procedure for discriminating between two different sets of regressors. The procedure does not specify the functional form of the regressions or the distribution of the residuals.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1996
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Consistent model specification tests: omitted variables and semiparametric functional forms
Article Abstract:
Non-parametric estimation techniques are used in conducting consistent tests of regression models used in econometrics. The techniques, which are based on the Central Limit Theorem, are employed to test for the importance of a subset of regressors specifying the semiparametric functional form of the regression function. Results indicate that the proposed estimation techniques can give accurate results without depending on any ad hoc modifications, such as sample splitting and random weighting.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1996
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Report of the treasurer
Article Abstract:
The Econometric Society has concentrated on stabilizing the ratio of end-of-year net worth (NW) to total revenues (TR), or the latter net of realized capital gains, at roughly 50% since the 1980s. The NW-TR stood at 0.68 at the end of 1994. Moreover, consolidated net surplus was $80,684 in 1994. In the wake of the society's sound financial position, it has been recommended that rate increases be kept to a minimum and that the executive committee launched other profit-generating activities.
Publication Name: Econometrica
Subject: Mathematics
ISSN: 0012-9682
Year: 1996
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