Multinomial probit
Encyclopedia
In econometrics
and statistics
, the multinomial probit model, a popular alternative to the multinomial logit
model, is a generalization of the probit model
that allows more than two discrete, unordered outcomes. It is not to be confused with the multivariate probit
model, which is used to model correlated binary outcomes.
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
and statistics
Statistics
Statistics is the study of the collection, organization, analysis, and interpretation of data. It deals with all aspects of this, including the planning of data collection in terms of the design of surveys and experiments....
, the multinomial probit model, a popular alternative to the multinomial logit
Multinomial logit
In statistics, economics, and genetics, a multinomial logit model, also known as multinomial logistic regression, is a regression model which generalizes logistic regression by allowing more than two discrete outcomes...
model, is a generalization of the probit model
Probit model
In statistics, a probit model is a type of regression where the dependent variable can only take two values, for example married or not married....
that allows more than two discrete, unordered outcomes. It is not to be confused with the multivariate probit
Multivariate probit
In statistics and econometrics, the multivariate probit model is a generalization of the probit model used to estimate several correlated binary outcomes jointly...
model, which is used to model correlated binary outcomes.