Choice Modeling for Marketing in R
Elea McDonnell Feit
Assistant Professor of Marketing, Drexel University
A choice model can be used to predict the market shares for a new set of products.
For example, the predicted shares for three sports cars cars might look like this:
share seat trans convert price
1 0.1767525 2 manual no 35
2 0.5974280 2 auto no 35
3 0.2258195 4 auto no 40
If we change our design:
share seat trans convert price
1 0.65314409 2 auto no 30
2 0.25171218 2 auto no 35
3 0.09514373 4 auto no 40
predict_mnl(model, products)
Choice Modeling for Marketing in R