1. Linear Probability Model vs. Logit (or Probit)
Problems with the linear probability model (LPM): 1. Heteroskedasticity: can be fixed by using the "robust" option in Stata. Not a big deal. 2. Possible to get <0 or >1 . This makes no sense—you can't have a probability below 0 or above 1. This is a fundamental problem with the LPM that we can't patch up. Solution: Use the logit or probit ...
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