Removing Specification Errors from the Usual Formulation of Binary Choice Models

P.A.V.B. Swamy 1,†, I-Lok Chang 2, Jatinder S. Mehta 3, William H. Greene 4, Stephen G. Hall 5,6 and George S. Tavlas 5,7,* 1 Federal Reserve Board (Retired), Washington, DC 20551, USA; [email protected] 2 Department of Mathematics (Retired), American University, Washington, DC 20016, USA; [email protected] 3 Department of Mathematics (Retired), Temple University, Philadelphia, PA 19122, USA; [email protected] 4 Department of Economics, New York University, 44 West Fourth Street, 7-90 New York, NY 10012, USA; [email protected] 5 Leicester University, Room Astley Clarke 116, University Road, Leicester LEI 7RH, UK; [email protected] 6 Bank of Greece, 21 El. Venizelos Ave., 10250 Athens, Greece 7 Monetary Policy Council, Bank of Greece, 21 El. Venizelos Ave., Athens 10250, Greece * Correspondence: [email protected]; Tel.: +30-210-320-2370 † Current Address: 6333 Brocketts Crossing, Kingstowne, VA 22315, USA