Question 2 What is the purpose of the Ramsey’s RESET test? How to do the test...
Question 2
What is the purpose of the Ramsey’s RESET test? How to do the test (i.e., list the steps to perform the test)?
Homework Answers
The RESET test proposed by Ramsey (1969) is a general misspecification test, which is designed to detect both omitted variables and inappropriate functional form. The RESET test is based on the Lagrange Multiplier principle and usually performed using the critical values of the F-distribution.
In statistics, the Ramsey Regression Equation Specification Error Test (RESET) test is a general specification test for the linear regression model. More specifically, it tests whether non-linear combinations of the fitted values help explain the response variable.
RAMSEY RESET TEST (procedure)
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