In the first part of this post, I discussed the multinomial probit model from a random utility model perspective. In this part, we will have a closer look at how to interpret our estimation results.
How do we interpret our estimation results?
We created a fictitious dataset of individuals who were presented a set of three health insurance plans (Sickmaster, Allgood, and Cowboy Health). We pretended to have a random sample of 20- to 60-year-old persons who were asked Read more…