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  3. Choice Modeling for Marketing in R

Exercise

Price as a factor

As I mentioned in the last video, you can treat price as a factor. Let's estimate a model like that. The chocolate data is already loaded.

Instructions

100 XP
  • Change the Price variable to a factor in the chocolate data.
  • Call mlogit to fit a model with the formula Selection ~ 0 + Brand + Type + Price with the chocolate data and assign it to choc_m3.
  • Use summary() to inspect the model coefficients.