Is It Sufficient to Select the Optimal Class Number Based Only on Information Criteria in Fixed- and Random-Parameter Latent Class Discrete Choice Modeling Approaches?

Is It Sufficient to Select the Optimal Class Number Based Only on Information Criteria in Fixed- and Random-Parameter Latent Class Discrete Choice Modeling Approaches?

Heterogeneity in preferences can be addressed through various discrete choice modeling approaches. The random-parameter latent class (RLC) approach offers a desirable alternative for analysts due to its advantageous properties of separating classes with different preferences and capturing the remain...

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Bibliographic Details
Main Authors: Péter Czine, Péter Balogh, Zsanett Blága, Zoltán Szabó, Réka Szekeres, Stephane Hess, Béla Juhász
Format: Article
Language:English
Published: MDPI AG 2024-08-01
Series:Econometrics
Subjects:
heterogeneity in preferences
latent class modeling
optimal class number
information criteria
Online Access:https://www.mdpi.com/2225-1146/12/3/22
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