Foundations of Stated Preference Elicitation Consumer Choice Behavior, Measurement of Consumer Welfare, and Choice-based Conjoint Analysis
نویسندگان
چکیده
This paper re-examines the discrete choice methods and stated preference elicitation procedures that are commonly used in choice-based conjoint analysis. The aim is to clarify their domains of applicability and provide reliable techniques for data collection and analysis. CONTENTS Topic Page Preface 2 1 Choice Behavior and Consumer Welfare 2 1.1 Utility 5 1.2 Choice Probabilities 8 1.3 Consumer Welfare 10 1.4 Estimation 12 2 Some History of Stated Preference Elicitation 13 3 Choice-Based Conjoint Analysis (CBC) 15 3.1. Sampling and Recruitment 18 3.2. Design of Conjoint Experiments 19 3.3. Subject Training 21 3.4. Incentive Alignment 22 3.5. Reconciliation and Validation 23 3.6. A Conjoint Study Example 23 3.7. Stated Perceptions, Expectations, and Well-Being 25 4 Maximum Simulated Likelihood (MSL) Analysis of CBC Data 26 5 Hierarchical Bayes (HB) Estimation 29 5.1. Bayesian Estimation 30 5.2. Selecting Priors and Computing Posteriors 36 5.3. Hierarchical Bayes Methods 43 5.4. Policy Simulations 46 5.5. A Monte Carlo Example 47 6 An Empirical CBC Study using MSL and HB Methods 51 7 Caveats and Conclusions 55
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