Conjoint choice experiments for estimating efficiently willingness-to-pay
Seminar Room 1, Newton Institute
AbstractIn a stated preference or conjoint experiment respondents evaluate a number of products that are defined by their underlying characteristics. The resulting data yield information on the importance that respondents attach to the different characteristics, also called the part-worths. In a conjoint choice experiment, respondents indicate which alternative they prefer from each choice set presented to them. The design of a conjoint choice experiment consists of choosing the appropriate alternatives and of grouping the alternatives in choice sets such that the information gathered about the part-worths is maximized. In this talk special attention will be given to the problem of assessing accurately the marginal rate of substitution by a conjoint choice experiment. The marginal rate of substitution measures the consumer's willingness to give up an attribute of a good in exchange for another attribute. As this rate of substitution is computed by taking the ratio of two part-worths, specific design problems are involved.
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