Comparison of Goodness-of-Fit Measures in Probit Regression Model |
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| Authors: | Berna Yazici Özlem Alpu Yaning Yang |
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| Institution: | 1. Department of Statistics , Anadolu University , Eskisehir, Turkey bernayazici@gmail.com;3. Department of Statistics , Eskisehir Osmangazi University , Eskisehir, Turkey;4. Department of Statistics and Finance , University of Science and Technology of China , Hefei, China |
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| Abstract: | This article examines several goodness-of-fit measures in the binary probit regression model. Existing pseudo-R 2 measures are reviewed, two modified and one new pseudo-R 2 measure are proposed. For the probit regression model, empirical comparisons are made for different goodness-of-fit measures with the squared sample correlation coefficient of the observed response and the predicted probabilities. As an illustration, the goodness-of-fit measures are applied to a “paid labor force” data set. |
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| Keywords: | Binary choice model Goodness-of-fit (GOF) Probit regression model Pseudo-R 2 |
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