RDP 2007-05: Labour Force Participation and Household Debt Equation (4)

\begin{array}{l} L F P_{i t}^{*} = X_{i t} β + {Assets}_{i t} γ_{1} + {Debts}_{i t} γ_{2} + c_{i} + u_{i t} \\ L F P_{i t} = 1 [L F P_{i t}^{*} > 0] \end{array}