I am comparing the influence of eleven independent variables on one binary dependent variable. I decided to use the standardized coefficient beta for the comparsion because some of the variables use different units of measurement.
One of my variables has a unstandardized coefficient of 0.0007 which I assume to be fine, because it is a $ amount that goes from 0 to 1 Million and I also have some dependend dummy variables. But the standardized coefficent of that variable is over 7.5. As far as I know this indiciates multicollinearity but none of my variables have a VIF lower than 1 or higher than 1.7.
How do I know if I can just interpret the standardized coefficient or if I first need to do something else?
Sorry, if the question is confusing. I am a total beginner at statistics.
One of my variables has a unstandardized coefficient of 0.0007 which I assume to be fine, because it is a $ amount that goes from 0 to 1 Million and I also have some dependend dummy variables. But the standardized coefficent of that variable is over 7.5. As far as I know this indiciates multicollinearity but none of my variables have a VIF lower than 1 or higher than 1.7.
How do I know if I can just interpret the standardized coefficient or if I first need to do something else?
Sorry, if the question is confusing. I am a total beginner at statistics.
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