How to explain correlation of error term of Bivariate Probit model from GJRM package?

17 February 2025 0 3K Report

I am estimating a Bivariate probit model using the GJRM package. From the model summary - theta = 0.897(0.886,0.908), tau = 0.709(0.694,0.724). I am looking into ways to answer the correlation of error terms in the model. How will I estimate how positive/negatively the dependent variables are correlated and how is the strength? Is there anybody who can help me with method/reference?

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