“In economic surveys of households, many variables have the following characteristics: The variable has a lower, or upper, limit and takes on the limiting value for a substantial number of respondents. For the remaining respondents, the variable takes on a For the remaining respondents, the variable takes on a wide range of values above, or below, the limit.”

—  James Tobin

Tobin, James. " Estimation of relationships for limited dependent variables http://cowles.econ.yale.edu/P/cp/p01a/p0117.pdf." Econometrica: journal of the Econometric Society (1958): 24-36.
1950s-60s

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American economist 1918–2002

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