High Quality Content by WIKIPEDIA articles! The Ramsey Regression Equation Specification Error Test (RESET) test (Ramsey, 1969) is a general specification test for the linear regression model. More specifically, it tests whether non-linear combinations of the estimated values help explain the endogenous variable. The intuition behind the test is that, if non-linear combinations of the explanatory variables have any power in explaining the endogenous variable, then the model is mis-specified.Consider the model hat{y}=E{y|x}=beta x.The Ramsey test then tests whether (?1x)2,(?2x)3...,(?k ? 1x)k has any power in explaining y. This is executed by estimating the following linear regression y=beta x + beta_1hat{y}^2+...+beta_{k-1}hat{y}^k+epsilon, and then testing, by a means of a F-test whether beta_1~ through ~beta_{k-1} are zero. If the null-hypothesis that all regression coefficients of the non-linear terms are zero is rejected, then the model suffers from mis-specification.

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