MNL (Multinomial Logit) Model

The Multinomial Logit (MNL) model is a statistical tool used to predict choices among multiple options. It examines how different factors influence the likelihood of selecting each option. For example, it can analyze how price, features, or personal preferences affect choices like transportation modes or product purchases. By estimating the probability of each option being chosen based on these factors, the MNL model helps understand and forecast decision-making behavior in various fields such as marketing, transportation, and economics.