Calculate McFadden's R-Squared.

Share:

Description

Model evaluation methods based on the analogue of squared residuals do not work well when the outcome variable is discrete and ordered. A popular pseudo-R^2 measure due to McFadden (1973) is given by:

R^2=1-\log{L_{fit}}/\log{L_0}

where \log{L_{fit}} is the log-likelihood for the fitted model and \log{L_0} is the log-likelihood from an intercept only model that estimates the probability of each alternative to be the sample average. This function calculates this term for objects of class oglmx.

Usage

1

Arguments

object

object of type oglmx

Value

numeric value between 0 and a theoretical maximum of 1.