Hi,
I am trying to calculate a choice besed conjoint analysis using a Hierarcical Bayes estimation (CBC/HB) model including some covariates. In the Sawtooth manual on page 19 (see link below) I saw that I need to check for multicollinearity of the covariates. But how do I decide if the correlation is too high or not? I know that, for example, for a regression analysis I can test, if the multicollinearity is a problem via the Variance Inflation Factor (VIF). Is there any similar test for the CBC/HB Analysis?
Manual CBC/BH: https://www.sawtoothsoftware.com/support/technical-papers/hierarchical-bayes-estimation/application-of-covariates-within-sawtooth-software-s-cbc-hb-program-theory-and-practical-example-2009
Thanks in advance,
Andrea