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Title
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Bayesian conjoint choice designs for measuring willingness to pay
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Author
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Abstract
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| 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. |
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Language
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English
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Source (journal)
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Environmental and resource economics. - Dordrecht, 1991, currens
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Publication
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Dordrecht
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2011
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ISSN
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0924-6460
[print]
1573-1502
[online]
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DOI
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10.1007/S10640-010-9401-6
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Volume/pages
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48
:1
(2011)
, p. 129-149
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ISI
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000285201100008
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Full text (Publisher's DOI)
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Full text (publisher's version - intranet only)
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