Hello everyone,
the HB utility estimation procedure uses a MNL model for the customers´ choice behavior.
In this regard, I need to know how rational (consistent to utility maximizing behavior) the customers behaved. I understood that this can be derived from the Beta values, because the MNL works either similar to a first choice model (high betas) or to a random choice model (low betas).
Thus, where do I find the beta values and is there a benchmark for "rather rational" behavior in contrast to a beta of 0 (random choice)?
Is there a possibility to use a first choice model during the utility estimation procedure?
Thank you so much for your thoughts!
Regards,
Uwe