Title: Bayesian conjoint choice designs for measuring willingness to pay
Authors: Vermeulen, Bart ×
Goos, Peter
Scarpa, Riccardo
Vandebroek, Martina #
Issue Date: Jan-2011
Publisher: Kluwer Academic Publishers
Series Title: Environmental and Resource Economics vol:48 issue:1 pages:129-149
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 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.
ISSN: 0924-6460
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Research Center for Operations Research and Business Statistics (ORSTAT), Leuven
× corresponding author
# (joint) last author

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