Bayesian conjoint choice designs for measuring willingness to pay

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dc.contributor.authorVermeulen, Bart
dc.contributor.authorGoos, Peter
dc.contributor.authorScarpa, Riccardo
dc.contributor.authorVandebroek, Martina
dc.date.accessioned2010-10-07T22:23:14Z
dc.date.available2010-10-07T22:23:14Z
dc.date.issued2010
dc.description.abstractIn 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 conjoint choice 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.en_NZ
dc.identifier.citationVermeulen, B. Goos, P., Scarpa, R. & Vandebroek, M. (2010). Bayesian conjoint choice designs for measuring willingness to pay. Environmental and Resource Economics, 48(1), 129-149.en_NZ
dc.identifier.doi10.1007/s10640-010-9401-6en_NZ
dc.identifier.urihttps://hdl.handle.net/10289/4665
dc.language.isoen
dc.publisherSpringeren_NZ
dc.relation.isPartOfEnvironmental and Resource Economicsen_NZ
dc.relation.urihttp://www.springerlink.com/content/r5x45tt416705840/en_NZ
dc.subjectc-optimal designen_NZ
dc.subjectchoice experimentsen_NZ
dc.subjectconditional logit modelen_NZ
dc.subjectD-optimal designen_NZ
dc.subjectRobust designen_NZ
dc.subjectvaluationen_NZ
dc.titleBayesian conjoint choice designs for measuring willingness to payen_NZ
dc.typeJournal Articleen_NZ
pubs.begin-page129en_NZ
pubs.elements-id35795
pubs.end-page149en_NZ
pubs.issue1en_NZ
pubs.volume48en_NZ
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