Bayesian Conjoint Choice Designs to Measure the Willingness to Pay

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Show simple item record Vermeulen, B en_US Goos, P en_US Scarpa, Riccardo en_US Vandebroek, L. en_US
dc.contributor.editor en_US 2012-10-12T03:33:19Z 2012-10-12T03:33:19Z 2011 en_US
dc.identifier 2011001945 en_US
dc.identifier.citation Vermeulen B et al. 2011, 'Bayesian Conjoint Choice Designs to Measure the Willingness to Pay', Springer, vol. 48, no. 1, pp. 129-149. en_US
dc.identifier.issn 0924-6460 en_US
dc.identifier.other C1UNSUBMIT en_US
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 en_US
dc.language en_US
dc.publisher Springer en_US
dc.relation.isbasedon en_US
dc.title Bayesian Conjoint Choice Designs to Measure the Willingness to Pay en_US
dc.parent Environmental and Resource Economics en_US
dc.journal.volume 48 en_US
dc.journal.number 1 en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 129 en_US
dc.identifier.endpage 149 en_US BUS.Centre for the Study of Choice en_US
dc.conference Verified OK en_US
dc.for 050200 en_US
dc.personcode 0000073988 en_US
dc.personcode 0000073989 en_US
dc.personcode 107632 en_US
dc.personcode 0000073990 en_US
dc.percentage 50 en_US Environmental Science and Management en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US 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
dc.staffid en_US

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