New statistical models revolutionize analysis of consumer purchases for durable goods!
The article presents models for analyzing limited dependent variables, which have a minimum value and are common in consumer purchases of durable goods. The models extend the multiple probit analysis model and consider different parameters for determining variable size and probability of being zero. Large sample approximations are used for estimation and discrimination. The models were tested through a small sampling experiment, showing their usefulness in studying consumer demand for durable goods.