Get WTP from a preference space model
Returns the computed WTP from a preference space model.
wtp(model, priceName)
model |
The output of a "preference space" model estimated
using the |
priceName |
The name of the parameter that identifies price. |
Willingness to pay is computed by dividing the estimated parameters of a utility model in the "preference" space by the price parameter. Uncertainty is handled via simulation.
A data frame of the WTP estimates.
# Run a MNL model in the Preference Space:
library(logitr)
mnl_pref <- logitr(
data = yogurt,
choiceName = "choice",
obsIDName = "obsID",
parNames = c("price", "feat", "dannon", "hiland", "yoplait")
)
# Get the WTP implied from the preference space model
wtp(mnl_pref, priceName = "price")Please choose more modern alternatives, such as Google Chrome or Mozilla Firefox.