tobit

Meanings

• Noun

  A statistical method used to estimate the relationship between a dependent variable and a set of independent variables when some observations are censored.

  - "In econometrics, tobit regression is used to estimate the relationship between income and education when some incomes are censored."
  - "The tobit model is a useful tool for analyzing data with left-censored observations."

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Variants

List of all variants of tobit that leads to same result
Tobit

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Etymology

origin and the way in which meanings have changed throughout history.

Named after the economist Hans Toft, who introduced the method in 1958.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Tobit regression can be extended to handle right-censored data using a method called reverse regression.

2. The tobit model is also known as the censored regression model or the limited dependent variable model.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Censored data: Data that is not fully observed or measured, often due to practical or theoretical limitations.

2. Regression analysis: A statistical method used to model the relationship between a dependent variable and one or more independent variables.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Tobit regression is a widely used statistical method in various fields, including economics, finance, and engineering.

How to Memorize "tobit"

1. visualize
   

   - Imagine a scatter plot with the dependent variable on the y-axis and the independent variable on the x-axis. Visualize the censored observations as points lying on the x-axis or y-axis, depending on the type of censoring.
   - To better understand tobit regression, think of it as a modified version of ordinary regression analysis that can handle censored data.

2. associate
   

   - Associate the term 'tobit' with the economist Hans Toft, who introduced the method.
   - Think of tobit regression as a statistical tool for analyzing data with missing values.

3. mnemonics
   

   - Try remembering the acronym T.O.B.I.T., which stands for Toft's Observed-Bias Iterative Technique, to remember the name of the method.

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