This book addresses two interrelated problems in economics
modelling: non-nested hypothesis testing in econometrics, and
regression models with stochastic/random regressors. The primary
motivation for this book stems from the nature of econometric
models. As an abstraction from reality, each statistical model
consists of mathematical relationships and stochastic, behavioural
assumptions. In practice, the validity of these assumptions and the
adequacy of the mathematical specifications is ascertained through
a series of diagnostic and specification tests. Conventional test
procedures, however, fail to recognise that economic theory
generally provides more than one distinct model to explain any
given economic phenomenon.
General
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