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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.

This exercise is part of the course

Choice Modeling for Marketing in R

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Exercise instructions

  • 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.

Hands-on interactive exercise

Have a go at this exercise by completing this sample code.

# change the Price variable to a factor in the chocolate data


# fit a model with mlogit and assign it to choc_m3


# inspect the coefficients
Edit and Run Code