Abstract
This paper presents the fully Bayesian analysis of the latent class model using a new approach towards MCMC estimation in the context of mixture models. The approach starts with estimating unidentified models for various numbers of classes. Exact Bayes’ factors are computed by the bridge sampling estimator to compare different models and select the number of classes. Estimation of the unidentified model is carried out using the random permutation sampler. From the unidentified model estimates for model parameters that are not class specific are derived. Then, the exploration of the MCMC output from the unconstrained model yields suitable identifiability constraints. Finally, the constrained version of the permutation sampler is used to estimate group specific parameters. Conjoint data from the Austrian mineral water market serve to illustrate the method.
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© 2003 Springer-Verlag Berlin Heidelberg
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Otter, T., Tüchler, R., Frühwirth-Schnatter, S. (2003). Bayesian Latent Class Metric Conjoint Analysis — A Case Study from the Austrian Mineral Water Market. In: Schwaiger, M., Opitz, O. (eds) Exploratory Data Analysis in Empirical Research. Studies in Classification, Data Analysis, and Knowledge Organization. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-55721-7_18
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DOI: https://doi.org/10.1007/978-3-642-55721-7_18
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-540-44183-0
Online ISBN: 978-3-642-55721-7
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