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  • When the response Y is binary, with values 0 and 1, the probit equation is p = Pr(Y = 0) = C+(1???C)F(x'B), where B is a vector of parameter estimates, F is a cumulative distribution function (normal, logistic, or extreme value), x is a vector of explanatory variables, p is the probability of a response, C is the natural (threshold) response rate.
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