A new measure of fit for equations with dichotomous dependent variables
No 9716, Research Paper from Federal Reserve Bank of New York
The econometrics literature contains many alternative measures of goodness of fit, roughly analogous to R2, for use with equations with dichotomous dependent variables. There is, however, no consensus as to the measures' relative merits or about which ones should be reported in empirical work. This paper proposes a new measure that possesses several useful properties that the other measures lack. The new measure may be interpreted intuitively in a similar way to R2 in the linear regression context.
Keywords: Econometric; models (search for similar items in EconPapers)
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Journal Article: A New Measure of Fit for Equations with Dichotomous Dependent Variables (1998)
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