Saturday, June 25, 2016

Choosing Between the Logit and Probit Models

I've had quite a bit say about Logit and Probit models, and the Linear Probability Model (LPM), in various posts in recent years. (For instance, see here.) I'm not going to bore you by going over old ground again.

However, an important question came up recently in the comments section of one of those posts. Essentially, the question was, "How can I choose between the Logit and Probit models in practice?"

I responded to that question by referring to a study by Chen and Tsurumi (2010), and I think it's worth elaborating on that response here, rather than leaving the answer buried in the comments of an old post.

So, let's take a look.

Tuesday, June 7, 2016

The ANU Tapes of the British (Econometrics) Invasion

As far as I know, the Beatles never performed at the Australian National University (the ANU). But the "fab. three" certainly did, and we're incredibly lucky to have the visual recordings to prove it!

Stan Hurn (Chair of the Board of the National Centre for Econometric Research, based in the Business School at the Queensland University of Technology) contacted me recently about a fantastic archive that has been made available.

The Historical Archive at the NCER now includes the digitized versions of the movies that were made in the 1970's and 1980's when various econometricians from the London School of Economics visited and lectured at the ANU. Specifically, eight lectures by Grayham Mizon, five by Ken Wallis, and a further eight lectures by Denis Sargan can be viewed here.

I was on faculty at Monash University at the time of these visits (and that of David Hendry - so I guess the fab. four of of the LSE did actually make it). I recall them well because the visitors also gave seminars in our department while they were in Australia. 

Before you view the lectures - and I really urge you to do so - it's essential that you read the background piece, "The ANU Tapes: A Slice of History", written by Chris Skeels. (Be sure to follow the "Read more" link, and read the whole piece.) As it happens, Chris was a grad. student in our group at Monash back in the day, and his backgrounder outlines a remarkable story of how the tapes were saved.

Kudos to Stan and his colleagues for putting this archive together. And double kudos to Chris Skeels for having the foresight, energy, and determination to ensure that we're all able to share these remarkable lectures.

Thank you both!

© 2016, David E. Giles

Thursday, June 2, 2016

Econometrics Reading List for June

Here's some suggested reading for the coming month:

© 2016, David E. Giles