I am trying to assess predictive validity of a discrete choice model. When with a testing set consisting of 6 choices in each set, it has the hit ratio of 33% (i.e., 33% of the time it correctly guesses the actual choice in the testing set).
How good or bad is it? Understandably, if the model was tested on sets of 2 choices that would be bad (because we have 50% chance of guessing at random). Conversely, if tested on 100 choices in a set, that would be great.