Discrete choice models’ ρ2: A reintroduction to an old friend
Patricia Mokhtarian ()
Journal of choice modelling, 2016, vol. 21, issue C, 60-65
We first review the intuition behind ρ2, and its conceptual interpretation. We then comment on the choice of benchmark (typically either the equally-likely, EL, or the market-share, MS, model), together with discussion of what is considered a “good” value. After a brief mention of the adjusted ρ2 and of statistical distributions associated with ρ2, we close with a description of its computation under three special circumstances: repeated observations, unequal choice sets, and deterministically-segmented models.
Keywords: McFadden's R2; Pseudo-R2; Goodness-of-fit; Unequal choice sets; Segmentation (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:eejocm:v:21:y:2016:i:c:p:60-65
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