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We propose a restrictiveness measure for economic models based on how wellthey fit synthetic data from a pre-defined class. This measure, together with ameasure for how well the model fits real data, outlines a Pareto frontier,where models that rule out more regularities, yet capture the regularities thatare present in real data, are preferred. To illustrate our approach, weevaluate the restrictiveness of popular models in two laboratory settings --certainty equivalents and initial play -- and in one field setting -- takeup ofmicrofinance in Indian villages. The restrictiveness measure reveals newinsights about each of the models, including that some economic models withonly a few parameters are very flexible.

How Flexible is that Functional Form? Quantifying the Restrictiveness of Theories