Estimation of the Unlabeled choice experiment with restricted design (generic parameter) with the attributes of the alternatives gives me the best answer. But if I wanted to include any explanatory variables, it has to be included by meaningful interaction with the attributes of the alternatives (according to the literature).
I am getting two different stories from the estimation:
Consider the following example:
I have 4 Attributes > Charging speed, Price, reservation time & Charging station distance. Now I have 2 different stories while estimating the MNL model.
Estimation procedure 1 (Model specification):
If
I include the beta_cost*price terminology and interact the socio-demographic variables with the price attribute, I get a good model fit but
the socio-demographic variables are not statistically significant.
Estimation procedure 2 (Model specification):
Whereas if I exclude b_cost * price terminology, the model fit is poor but
the interacted socio-demographic variables are highly statistically
significant.
It's a vice versa situation, I am not getting a good AIC value or P values with statistically significant results.
Are the utility functions for estimation procedure 2, is the right approach to do?