Definition:

A probit model is an econometric model in which the dependent variable y_i can be only one or zero, and the continuous indepdendent variable x_i are estimated in:

Pr(y_i=1)=F(x_i'b)

Here b is a parameter to be estimated, and F is the normal cdf. The logit model is the same but with a different cdf for F.

(Econterms)

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