Interpreting hierarchical model parameters
Okay, now that we have choc_m7
estimated, let's take a look at the parameters. Use summary()
and plot()
to inspect the choc_m7
model. Of the four brands of chocolate listed, which has the greatest heterogeneity in preference? You can look at the values of the sd.<brand_name>
parameter, which is the log of the standard deviation of the distribution of parameters. Larger values mean there are larger differences between people. Or you could look at the distribution of values in the plot.
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Choice Modeling for Marketing in R
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