Maximum likelihood estimation of a bivariate ordered probit model: implementation and Monte Carlo simulations

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Reading to Young Children: A Head-Start in Life? (2014, unknown): “For example, we use an ordered probit specification for the amount of reading to the child and the reading assessments by the teacher, but we use a continuous specification for the NAPLAN reading test.”
Modeling Ordered Choices: A Primer (2010, unknown): “Terza [1985], Pudney and Shields [2000], Boes and Winkelmann [2006a], Greene, Harris, Hollingsworth and Maitra [2008] and Greene and Hensher [2009], all present cases that suggest individual variation in the set of thresholds is a degree of heterogeneity that is likely to be present in the data, but”
Do financial constraints threat the innovation process? Evidence from Portuguese firms (2011, methodology): “We further extend the model to allow FC outcomes to be ordinal and estimate the corresponding ordered probit model (see Greene and Hensher 2010 , 222, for details and Sajaia 2008 for STATA implementation).”
The significance of financial self-efficacy in explaining women’s personal finance behaviour (2016, methodology): “We adopted the bivariate probit model specification used by Sajaia (2008) and assumed the latent variables in our model can be expressed by: 3 The 4 Life y 1i ¼ b 0 11X 0 1i þ b 0 12L1i þ b 0 13R1i þ b 0 14P1i þ e1i ð2Þ y 2i ¼ b 0 21X2i þ b 0 22L2i þ b 0 23R2i þ b 0 24P2i þ cy 1i þ e2i ð3Þ where…”