Generalized Tobit
Encyclopedia
A generalized Tobit is a generalization of the econometric Tobit model
after James Tobin
. It is also called Heckit after James Heckman
. Another
name is "type 2 Tobit model".
Tobit models assume that a variable is truncated
.
Tobit model
The Tobit model is a statistical model proposed by James Tobin to describe the relationship between a non-negative dependent variable y_i and an independent variable x_i....
after James Tobin
James Tobin
James Tobin was an American economist who, in his lifetime, served on the Council of Economic Advisors and the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He developed the ideas of Keynesian economics, and advocated government intervention to...
. It is also called Heckit after James Heckman
James Heckman
James Joseph Heckman is an American economist and Nobel laureate. He is the Henry Schultz Distinguished Service Professor of Economics at the University of Chicago, Professor of Science and Society at University College Dublin and a Senior Research Fellow at the American Bar Foundation.Heckman...
. Another
name is "type 2 Tobit model".
Tobit models assume that a variable is truncated
Truncation (statistics)
In statistics, truncation results in values that are limited above or below, resulting in a truncated sample. Truncation is similar to but distinct from the concept of statistical censoring. A truncated sample can be thought of as being equivalent to an underlying sample with all values outside the...
.