Information Criteria are used to compare and choose among different models with the same dependent variable. Akaike Information Criterion (AIC) and Schwarz or Bayesian Information Criterion (SIC or BIC) are…
The usual Goodness-of-fit statistics such as R-square and Adjusted R-square is not applicable in the case of Qualitative Response models. This is because the Ordinary Least Squares method of estimation…
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