between
different innovation types. While multivariate probit models in the bivariate case are
straightforwardly estimated … ( , , ; , , ; , , , , , , , )
−
=
=Φ… … ……
∑
…
N
J iiJ J J JJJ
i
Lxxββρ ρρ ρ ρ
18
According to this, the probabilities in multivariate probit models … stochastic
components) is straightforward. In contrast, the estimation of multivariate probit models
with sizeable J is more …