Hi,
I am estimating a bivariate probit model on the joint decision for a mother to participate in the labour market and the decision to purchase formal childcare for her child. I do not understand how to interpret:
Log pseudolikelihood = -2707.8223
Wald test of rho=0: chi2(1) = 123.254
Prob > chi2 = 0.0000
Wald chi2(52) = 418.48
/athrho
rho
Could someone please provide me with some help? My coefficients look good but I am struggling to interpret the said things. Thanks!
I am estimating a bivariate probit model on the joint decision for a mother to participate in the labour market and the decision to purchase formal childcare for her child. I do not understand how to interpret:
Log pseudolikelihood = -2707.8223
Wald test of rho=0: chi2(1) = 123.254
Prob > chi2 = 0.0000
Wald chi2(52) = 418.48
/athrho
rho
Could someone please provide me with some help? My coefficients look good but I am struggling to interpret the said things. Thanks!
