Re: estimation in WTP-space
Posted: 18 Jan 2022, 08:16
Hi
please check the FAQ section on the website and in the manual.
It says:
Question: But the log-likelihood of my model is better with fewer draws, so isn’t that good?
Answer: The fact that the log-likelihood is better with fewer draws does not justify the use of fewer draws. It is simply a reflection of the fact that fewer draws offers a poor approximation to the real model. Once the number of draws is increased to a sufficient number, the model fit will stay much more stable for further increases.
please check the FAQ section on the website and in the manual.
It says:
Question: But the log-likelihood of my model is better with fewer draws, so isn’t that good?
Answer: The fact that the log-likelihood is better with fewer draws does not justify the use of fewer draws. It is simply a reflection of the fact that fewer draws offers a poor approximation to the real model. Once the number of draws is increased to a sufficient number, the model fit will stay much more stable for further increases.