No. of segments |
P
|
ρ
2
| LL | AIC | BIC | p-value** |
---|
1 | 6 | 0.17 | 3210.53 | 6433.1 | 3235.35 | <.001 |
2 | 21 | 0.32 | 2907.61 | 5857.2 | 2994.45 | <.001 |
3 |
36
|
0.35
|
2738.23
|
5548.5
|
2887.09
| <.001 |
4 | 51 | 0.30 | 2963.71 | 6029.4 | 3174.59 | <.001 |
- Sample size 3906 choices from 558 consumers, number of observations = 11,718. Equations: ρ2 = 1 − (LL)/LL (o); AIC = − 2LL + 3P and BIC = − LL + (P/2) × ln (N). The LL is a negative number. ** Log-likelihood ratio test (Prob. chi squared value)
- In terms of the Log-likelihood, all models tested (a model with 1, 2, 3 and 4 segment(s)) had the
same p-value of 0.000. The values of the LL, AIC, BIC, and ρ2 were then used in model
selection from which the three-segment met the most required criteria
- Italic values indicate a model with the best LL and combination of information criteria