Conjoint Preference Elicitation Methods in the Broader Context of Random Utility Theory Preference Elicitation Methods

Jordan Louviere, David Hensher and Joffre Swait
Additional contact information
Jordan Louviere: University of Sydney

Chapter 10 in Conjoint Measurement, 2007, pp 167-197 from Springer

Abstract: Abstract The purpose of this chapter is to place conjoint analysis techniques within the broader framework of preference elicitation techniques that are consistent with the Random Utility Theory (RUT) paradigm. This allows us to accomplish the following objectives: explain how random utility theory provides a level playing field on which to compare preference elicitation methods, and why virtually all conjoint methods can be treated as a special case of a much broader theoretical framework. We achieve this by: discussing wider issues in modelling preferences in the RUT paradigm, the implications for understanding consumer decision processes and practical prediction, and how conjoint analysis methods fit into the bigger picture. discussing how a level playing field allows meaningful comparisons of a variety of preference elicitation methods and sources of preference data (conjoint methods are only one of many types), which in turn allows us to unify many disparate research streams; discussing how a level playing field allows sources of preference data from various elicitation methods to be combined, including the important case of relating sources of preference elicitation data to actual market behaviour; discussing the pros and cons of relaxing the simple error assumptions in basic choice models, and how these allow one to capture individual differences without needing individual-level effects; using three cases studies to illustrate the themes of the chapter.

Keywords: State Preference; Conjoint Analysis; Preference Data; Preference Elicitation; Level Playing Field (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations: View citations in EconPapers (3)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-71404-0_10

Ordering information: This item can be ordered from
http://www.springer.com/9783540714040

DOI: 10.1007/978-3-540-71404-0_10

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().