Which test is specifically designed as a general test for functional form misspecification in a regression model?

Question

BlackTom AI · Accepted Answer

In approaching this question, I first recall the purpose of each listed test within regression diagnostics.
Option 1: Hausman Test. This test is used to decide between fixed effects and random effects models (or to test endogeneity in some contexts). It is not a general test for misspecification of the functional form.
Option 2: Ramsey RESET Test. This is the classic general test for functional form misspecification in a regression model. It assesses whether nonlinearity or omitted variables related to powers or transformations of the fitted values should be included, indicating a mis-specification of the functional form.
Option 3: Breusch-Godfrey Test. This test examines autocorrelation (serial correlation) in the residuals of a regression, not the functional form of the model.
Option 4: Breusch-Pagan Test. This test detects heteroskedasticity by relating squared residuals to the regressors; it does not directly assess whether the functional form is misspecified.
Thus, when asked which test is specifically designed as a general test for functional form misspecification in a regression model, the option that matches this purpose is the Ramsey RESET Test, since it targets whether the model lacks appropriate functional form (nonlinear relationships or omitted nonlinear terms).

Which test is specifically designed as a general test for functional form misspecification in a regression model?

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