Title
Rank-order choice-based conjoint experiments : efficiency and design Rank-order choice-based conjoint experiments : efficiency and design
Author
Faculty/Department
Faculty of Applied Economics
Publication type
article
Publication
Amsterdam ,
Subject
Economics
Mathematics
Source (journal)
Journal of statistical planning and inference. - Amsterdam
Volume/pages
141(2011) :8 , p. 2519-2531
ISSN
0378-3758
ISI
000291067400003
Carrier
E
Target language
English (eng)
Full text (Publishers DOI)
Affiliation
University of Antwerp
Abstract
In a rank-order choice-based conjoint experiment, the respondent is asked to rank a number of alternatives of a number of choice sets. In this paper, we study the efficiency of those experiments and propose a D-optimality criterion for rank-order experiments to find designs yielding the most precise parameter estimators. For that purpose, an expression of the Fisher information matrix for the rank-ordered conditional logit model is derived which clearly shows how much additional information is provided by each extra ranking step. A simulation study shows that, besides the Bayesian D-optimal ranking design, the Bayesian D-optimal choice design is also an appropriate design for this type of experiments. Finally, it is shown that considerable improvements in estimation and prediction accuracy are obtained by including extra ranking steps in an experiment.
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