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What is the main difference between probit models and typical dummy variable models? A. There is no difference--a probit model is simply a special case of a dummy variable regression. B. A dummy variable represents a qualitative independent variable, while a probit model is used for estimating the probability of a qualitative dependent variable. C. Dummy variable regressions attempt to create an equation to classify items into one of two categories, while probit models estimate a probability. |