I have a multinomial logit model with 13 IV and a dependent with three levels (cash
, stock
, mix
). cash
is the base dependent variable.
As far as I know, we interpret results of a multinomial logit always as a comparison to the base dependent variable - so if I have as a base dependent cash
, I interpret the coefficients in comparison to this base. This means that the result of a multinomial logit gives me two sets of coefficients - one for stock
and one for mix
- as shown below on the output of multinom function of nnet
package in R.
Here, we get two sets of coefficients - one for stock
, one for mix
- and we interpret the coefficients as changes in the probability of stock
or mix
occuring vs. cash
occuring (loosely put).
Nevertheless, the output of bayesian model averaging of multinomial logit, which is done with the mlogitBMA
package in R, is following:
In this output, there is only one set of coefficients - the column EV. So how do we interpret this output? Am I missing something? Thank you! I can provide you with my code and data if necessary.