Differentiated Bayesian Conjoint Choice Designs
2003-04-29
Research Paper
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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
Classifications using
Journal of Economic Literature (JEL) Classification System
- M : Business Administration and Business Economics; Marketing; Accounting
- C10 : Econometric and Statistical Methods: General
- C44 : Statistical Decision Theory; Operations Research
- M31 : Marketing
Automatically Extracted Terms
- design
- choice
- parameter
- bayesian
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- efficiency
- level
- attribute
- value
- study
- parameter values
- bayesian designs
- bayesian design
- research
- information
- design sets
- improvement
- construction
- wedel
- subject
