I know that there exist mixed recommendations regarding the calculation of hit rates for LC analysis. However, I would like to do so.
I've calculated the shares of preferences with the parameters of the LC model within the market simulator for each hold out incl. individual results. That gives me the probability for each respondent that he/she would choose concept 1 to 4. In order to compute the hits, is it correct to take the highest probability for one of the concepts/ respondent and then determine whether it matches the observed choice?
Is there any different way to conduct hit rates?