Before revision:  We show that ignoring measurement error in the RP approach may lead to overrejection of the UMT. To solve this problem, this paper proposes a new statistical RP framework for consumption panel data sets that allows for testing the UMT in the presence of measurement error.
After revision:  We show that ignoring measurement error in the RP approach may lead to overrejection of the UMT. To solve this problem, we propose a new statistical RP framework for consumption panel data sets that allows for testing the UMT in the presence of measurement error.