The Clark approximation, in which the maximum of two normally distributed random variables is approximated by a third normally distributed random variable, forms the basis of a relatively inexpensive ...

and is the normal probability function. This is the likelihood function for a binary probit model. This likelihood is strictly positive so that you can take a square root of and use this as your ...

This is a preview. Log in through your library . Abstract I consider an ordered probit model in which some of the observations in one of the categories are missing. The model can be estimated because ...