Differentiated Bayesian Conjoint Choice Designs

Zsolt Sándor and Michel Wedel

ERIM Report Series Research in Management from Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam

Abstract: Previous conjoint choice design construction procedures have produced a single design that is administered to all subjects. This paper proposes to construct a limited set of different designs. The designs are constructed in a Bayesian fashion, taking into account prior uncertainty about the parameter values. A computational procedure is developed that enables fast and easy implementation in practice. Even though the number of such different designs in the optimal set is small, it is demonstrated through a Monte Carlo study that substantial gains in efficiency are achieved over aggregate designs.

Keywords: consumer preferences; discrete choice; estimator efficiency; experiments; multinomial logit (search for similar items in EconPapers)
JEL-codes: C10 C44 M M31 (search for similar items in EconPapers)
Date: 2003-04-29
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Citations: View citations in EconPapers (2)

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