In defining Tobit, James Tobin (1958) quoted a passage about how nothing could not be less than nothing. Tobit permits analyzing dependent variables with zero as their lowest value and that are from CENSORED DATA, and it avoids violating ORDINARY LEAST SQUARES' (OLS) continuity ...

locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles