What Is a Probit Model? Why Is It More Appropriate

question 29

Essay

What is a probit model? Why is it more appropriate than OLS? Explain.

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Definitions:

Plaintiff

The party who brings a lawsuit or legal action against another (the defendant) in a court of law, claiming to have incurred loss or damage.

Criminal Law

A body of laws pertaining to crimes and punishment, involving regulations that define conduct prohibited by the government because it threatens and harms public safety and welfare.

Public Law

A branch of law that deals with the relationship between individuals and the government, including administrative law, constitutional law, and criminal law.

Plea Bargain

An agreement in a criminal case between the prosecutor and defendant, wherein the defendant agrees to plead guilty to a lesser charge or to the original criminal charge in return for some concession from the prosecutor.