Estimation of Intercept
When using multinomial logistic regression, one category of the dependent variable is chosen as the reference category. Separate odds ratios are determined for all independent variables for each category of the dependent variable with the exception of the reference category, which is omitted from the analysis. The exponential beta coefficient represents the change in the odds of the dependent variable being in a particular category vis-a-vis the reference category, associated with a one unit change of the corresponding independent variable.
Read more about this topic: Multinomial Logit
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