Goodness-of-fit measures in binary choice models1
- 1 January 1995
- journal article
- research article
- Published by Taylor & Francis in Econometric Reviews
- Vol. 14 (1) , 101-116
- https://doi.org/10.1080/07474939508800306
Abstract
In this paper, a review is given of various goodness-of-fit measures that have been proposed for the binary choice model in the last two decades. The relative behaviour of several pseudo-R2 measures is analysed in a series of misspecified binary choice models, the misspecification being omitted variables or an included irrelevant variable. A comparison is made with the OLS-R2 of the underlying latent variable model and with the squared sample correlation coefficient of the true and predicted probabilities. Further, it is investigated how the values of the measures change with a changing frequency rate of successes.Keywords
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