👉 Probit is a statistical model used in econometrics to model the conditional probability of an event occurring. It was developed by Robert J. Taylor and David H. Cunliffe in 1970 as part of their work on the theory of decision making. In probit models, the dependent variable is modeled as a linear combination of two random variables: the error term (e), which is assumed to be normally distributed with mean zero and variance one; and the predictor variable (x