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12 Probit and Logit - Amine Ouazad
Individualsʼ preferences" • Intuition is that individuals are making a discrete choice." • y* = U(smoking)-U(not smoking) = xʼb + e" • The difference in utilities is the benefit-cost analysis." • The cost and benefit is unobserved, but the choice is ultimately observed." • The cost and benefit is a continuous variable, so e can be normally
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