Bayesian Conjoint Choice Designs to Measure the Willingness to Pay

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dc.contributor.author Vermeulen, B
dc.contributor.author Goos, P
dc.contributor.author Scarpa, R
dc.contributor.author Vandebroek, L
dc.date.accessioned 2012-10-12T03:33:19Z
dc.date.issued 2011-01
dc.identifier.citation Environmental and Resource Economics, 2011, 48 (1), pp. 129 - 149
dc.identifier.issn 0924-6460
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/18107
dc.description.abstract In this paper, we propose a new criterion for selecting efficient conjoint choice designs when the interest is in quantifying willingness to pay (WTP). The new criterion, which we call the WTP-optimality criterion, is based on the c-optimality criterion which is often used in the optimal experimental design literature. We use a simulation study to evaluate the designs generated using the WTP-optimality criterion and discuss the design of a real-life conjoint experiment from the literature. The results show that the new criterion leads to designs that yield more precise estimates of the WTP than Bayesian D-optimal conjoint choice designs, which are increasingly being seen as the state-of-the-art designs for conjoint choice studies, and to a substantial reduction in the occurrence of unrealistically high WTP estimates
dc.publisher Springer
dc.relation.isbasedon 10.1007/s10640-010-9401-6
dc.title Bayesian Conjoint Choice Designs to Measure the Willingness to Pay
dc.type Journal Article
dc.parent Environmental and Resource Economics
dc.journal.volume 1
dc.journal.volume 48
dc.journal.number 1 en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 129 en_US
dc.identifier.endpage 149 en_US
dc.cauo.name BUS.Centre for the Study of Choice en_US
dc.conference Verified OK en_US
dc.for 1402 Applied Economics
dc.for 0502 Environmental Science and Management
dc.personcode 107632
dc.percentage 50 en_US
dc.classification.name Environmental Science and Management en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords c-optimal design - Choice experiments - Conditional logit model - D-optimal design - Robust design - Valuation en_US
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Strength - Study of Choice
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Uncategorised (ID: 363)
utslib.collection.history Closed (ID: 3)


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