To measure the fit of the probit model, you should: A)use the regression R². B)plot the predicted values and see how closely they match the actuals. C)use the log of the likelihood function and compare it to the value of the likelihood function. D)use the fraction correctly predicted or the pseudo R².

Question

Quizplus · Accepted Answer

The most common method to measure the fit of the probit model is to use the fraction correctly predicted or the pseudo R-squared. This measure compares the predicted values with actual values and quantifies the proportion of correct predictions made by the model. Therefore, choice D is the best option.

To Measure the Fit of the Probit Model, You Should