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What Is the Ordered Probit Model? Why Is It More

question 18

Essay

What is the ordered probit model? Why is it more appropriate than the multinomial logit? Explain.


Definitions:

Negotiator's Bottom Line

The minimum or maximum that a negotiator is willing to accept during a negotiation process.

BATNA

Best Alternative To a Negotiated Agreement; the best course of action a party can take if current negotiations fail and an agreement cannot be reached.

Procedure

A set of established guidelines or steps to be followed in carrying out a task or process.

Mutual Motivation

A concept where individuals or groups encourage each other to achieve goals, fostering a collaborative and supportive environment.

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