I also found the following link that gives a reasonable explanation. This conforms to the use of Probit analysis in Reliability to model stress to failure. While stress is a continuous variable, in practice, it is usually applied in discrete steps.

I've never read about Probit being cast as using a dichotomous dependent variable as a proxy to a latent continuous variable.

HAVE YOU BEEN IGNORING ME ALL THESE YEARS?!!?

That's interesting Miner. I've never read about Probit being cast as using a dichotomous dependent variable as a proxy to a latent continuous variable. The reasoning make sense, on that assumption.

You can make a similar type of argument for logistic regression but you don't see that point get made often.

but...but... but that's like the essence of factor analysis/structural equation modelling with categorical data! and item response theory where a latent continuum (ability in something like a math test or so) manifests itself in the binary responses to the items of a test!

HAVE YOU BEEN IGNORING ME ALL THESE YEARS?!!?

HAVE YOU BEEN IGNORING ME ALL THESE YEARS?!!?

And you do probit models? I understand the idea of latent structures, but I never read about probit models being in that category. Of course, my background is vastly different, and the only exposure to probit I've really seen is from silly economists