logitr (version 0.2.0)

wtp: Get WTP from a preference space model

Description

Returns the computed WTP from a preference space model.

Usage

wtp(model, priceName)

Arguments

model

The output of a "preference space" model estimated using the logitr() function.

priceName

The name of the parameter that identifies price.

Value

A data frame of the WTP estimates.

Details

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.

Examples

# NOT RUN {
# 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")
# }