K.U.Leuven - Faculty of Economics and Applied Economics
DTEW - KBI_0616 pages:1-29
Recently, Kessels et al. (2006) developed a way to produce Bayesian G- and V-optimal designs for the multinomial logitmodel. These designs allow for precise response predictions which is the goal of conjoint choice experiments. The authors showed that the G- and V- optimality criteria outperform the D- and A-optimality criteria for prediction. However, their G- and V-optimal design algorithm is computationally intensive, which is a barrier to its use in practice. In this paper, we present an efficient algorithm for calculating Bayesian optimal designs by means of the different criteria. Particularly, the speed of computation for the V-optimality criterion has improved dramatically.The new algorithm makes it possible to use Bayesian D-, A-, G- and V-optimal designs that are tailored to individual respondents in computerized conjoint choice studies.