Discrete Choice model

Read the attachment file first then answer the questions: write a small explanation of why the correct answer is true and why the wrong answer is false!

1) Which of the following statements is (are) true? [select all that apply]
A) A choice model requires that customer response be normally distributed
B) A binary choice model is used to predict customer responses that fall into two categories
C) In the case of a choice model, the predicted variable follows a binomial distribution
D) None of the above

2) Which of the following is true concerning a logit model for binary choice? select only one
A) Logit refers to the log of odds ratio of the probability of customer response
B) Logit refers to the odds ratio of the probability of customer response
C) Logit is another term to refer to the odds of customers’ favorable response
D) None of the above

3)Which of the following is (are) true concerning a logit model for binary choice? [select all that apply]
A) The coefficients of the model are the marginal effects on probability of customer response.
B) The coefficients of the model are the marginal effects on the logit of the probability of customer response.
C) Logit model provides a convenient way to state the multiplicative effect of predictor variables on the odds of the probability of customer response.
D) Multiplicative effects can be stated in percentage terms.

4) Which of the following is (are) true concerning the confusion matrix? [select all that apply]
A) It is so named because it is traditionally confusing to read
B) It is a matrix that tabulates correct and incorrect predictions of the choice categories
C) It is useful to determine the predictive accuracy of a choice model
D) None of the above

5) Please state briefly a business scenario where a binary choice model (such as a logit model) will help you make an evidence-based decision and briefly state why a regular linear regression model may not be a suitable substitute for a choice model. [Please use examples from outside the lecture material, perhaps from your place of employment for instance]

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