10-13-2016 04:33 AM - edited 10-13-2016 04:35 AM
let's say I am running a choice based conjoint analysis and a simple MNL model with proc phreg and the ties=breslow option.
Among other attributes (Color), I have an attribute level (Car) that is naturally higher priced that the another attribute level (Bike). Therefore, I connect the price attribute levels to Car and Bike, e.g.
If "Car" is in the product alternative in the CBC, a price of either $1000, $2000 or $3000 is shown.
If "Bike" is in the product alternative in the CBC, a price of either $400, $600 or $800 is shown.
I know these price don't make any sense but this is just an example.
In the regression, I have now coefficients for
- Red: 1,5
- Blue: 1,0
(White base product =0)
- Car: 1,8
(Bike base product =0)
- Price if Car:
($1000 base product =0)
- Price if Bike:
($400 base product =0)
Now let's say I want to calculate the relative importances of the attributes.
The question is how do I treat the price attribute?
Can I just take the relative importance for all the prices (then I could just substract -0,75 from 0 = -0,75) or do I have to treat the price effects of both Car and Bike seperately (then the importance for "Price if Car" would be more important (-0,75) than "Price if Bike" (-0,5).
Thank you very much for your help.