Key points are not available for this paper at this time.
In this paper we present a specification test for the Tobit model. Specifically, we test the Tobit model against the alternative of a two-part model in which one set of parameters determines the probability of a limit observation while a second set of parameters determines the distribution of the non-limit observations. An advantage of our test is that it is easily calculated from the Tobit residuals.
Lin et al. (Wed,) studied this question.