Combining and Comparing Consumers’ Stated Preference Ratings and Choice Responses
نویسندگان
چکیده
In this study we develop and test an econometric model for combining choice and preference ratings data collected from the same set of individuals. Choice data are modeled using a multinomial logit framework, while preference data are modeled using an ordered response equation. Individual heterogeneity is allowed for via random coefficients providing a link between the choice and ratings data. Parameters are estimated by Simulated Maximum Likelihood. An application of the model to consumer yoghurt choice in The Netherlands found that ratings based preference estimates differ significantly from choice based estimates, but the correlation between random coefficients driving the two is very strong. Acknowledgments The authors thank Robert Bartels, Joffre Swait and Bas Donkers for useful comments and suggestions. The second author’s research on this project was funded by the Dutch Science Foundation (NWO-ESR). A Tilburg University, Faculty of Economics and Business Administration grant for data collection through the CentERdata-panel is gratefully acknowledged.
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