Pseudo R2 - Interpretation

[Sara Hosney]

I have been reading a lot about that Pseudo R2 is not the same as the OLS R-Squared, but I still can't find a reasonable explanation on how to interpret the Pseudo R2 for my Probit model.
So the Pseudo R2 I got for my model was = 0.385.

Is it possible for anyone to explain me how can I interpret and report this number in my results?

Thanks in advance!

[Joseph Coveney]

As far as I've read, all of the various pseudo R² values for these models aren't very interpretable other than higher indicates a better fit in some sense. If it were me, I would ignore it.

[Sara Hosney]

Thanks Joseph Coveney

[Richard Williams]

Appendix A discusses various alternative measures:

https://www3.nd.edu/~rwilliam/stats3/L05.pdf

In general I'd agree bigger is better. But you might be able to do a little more than that.