Multinomial Probit Model

The Multinomial Probit Model is a statistical method used to analyze situations where people choose among multiple options, such as different brands or transportation modes. It assumes each choice is influenced by various factors, like price or convenience, and that individuals make decisions based on the perceived benefits. The model accounts for the fact that preferences can be correlated across options and that choices are probabilistic rather than deterministic. This helps researchers understand and predict how people are likely to choose among several alternatives when multiple factors are at play.