(a) Describe the intuition behind the maximum likelihood estimation technique used for limited dependent variable models. (b)...
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(a) Describe the intuition behind the maximum likelihood estimation technique used for limited dependent variable models.
(b) Why do we need to exercise caution when interpreting the coefficients of a probit or logit model?
(c) How can we measure whether a logit model that we have estimated fits the data well or not?
(d) What is the difference, in terms of the model setup, in binary choice versus multiple choice problems?
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