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 fraction correctly predicted or the pseudo R2 are commonly used measures to assess the fit of the probit model. These measures provide an indication of how well the model is able to predict the observed outcomes. The regression R2 is not appropriate for the probit model as it is designed for linear regression models. Plotting the predicted values and comparing them to the actuals can provide some insight, but it is not a formal measure of fit. The log of the likelihood function and the value of the likelihood function can be used to compare different models or to test for significance, but they do not directly measure the goodness of fit.

To Measure the Fit of the Probit Model,you Should