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Hofler Quiz Binary
Question | Answer |
---|---|
Two | |
The probability that something occurs. | |
X’s are factors the _____ that probability. | Affect |
Dummy variables | |
The purpose of the Binary Choice Model is to find the _____ between a set of _____ describing the individual/organization and the _____ that the individual/organization will end up in one outcome or the other. | 1) Relationship 2) Characteristics (X) 3) Probability |
1) Change 2) 1 3) 0 | |
Y | |
A) are faced with 2 possible outcomes B) where they end up depends upon their characteristics | |
Use one less binary variable than the number of categories. | |
LOGIT | |
1) Count Data 2) Qualitative responses 3) Ranking 4) Categories | |
The probability that something occurs (Y=1) | |
Do not use _____ method when evaluating a binary Choice Model. | OLS |