High Quality Content by WIKIPEDIA articles! The Tobit Model is an econometric, biometric model proposed by James Tobin (1958) to describe the relationship between a non-negative dependent variable yi and an independent variable (or vector) xi.The model supposes that there is a latent (i.e. unobservable) variable y_i^*. This variable linearly depends on xi via a parameter (vector) ? which determines the relationship between the independent variable (or vector) xi and the latent variable y_i^* (just as in a linear model). In addition, there is a normally distributed error term ui to capture random influences on this relationship. The observable variable yi is defined to be equal to the latent variable whenever the latent variable is above zero and zero otherwise.

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