Title
|
|
|
|
Bayesian conjoint choice designs for measuring willingness to pay
|
|
Author
|
|
|
|
|
|
Abstract
|
|
|
|
In this paper, we propose a new criterion for selecting efficient conjoint choice designs when the interest is in quantifying willingness to pay (WTP).The new criterion, which we call the WTP-optimality criterion, is based on the c-optimality criterion which is often used in the optimal experimental design literature. We use a simulation study to evaluate the designs generated using the WTP-optimality criterion and discuss the design of a real-life conjoint experiment from the literature. The results show that the new criterion leads to designs that yield more precise estimates of the WTP than Bayesian D-optimal conjointchoice designs, which are increasingly being seen as the state-of-the-art designs for conjoint choice studies, and to a substantial reduction in the occurrence of unrealistically high WTP estimates. |
|
|
Language
|
|
|
|
English
|
|
Source (journal)
|
|
|
|
Environmental and resource economics. - Dordrecht, 1991, currens
|
|
Publication
|
|
|
|
Dordrecht
:
2011
|
|
ISSN
|
|
|
|
0924-6460
[print]
1573-1502
[online]
|
|
Volume/pages
|
|
|
|
48
:1
(2011)
, p. 129-149
|
|
ISI
|
|
|
|
000285201100008
|
|
Full text (Publisher's DOI)
|
|
|
|
|
|
Full text (publisher's version - intranet only)
|
|
|
|
|
|