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Willingness-to-pay estimation with choice-based conjoint analysis: addressing extreme response behavior with individually adapted designs

Gensler, Sonja, Hinz, Oliver, Skiera, Bernd and Theysohn, Sven 2012, Willingness-to-pay estimation with choice-based conjoint analysis: addressing extreme response behavior with individually adapted designs, European journal of operational research, vol. 219, no. 2, pp. 368-378, doi: 10.1016/j.ejor.2012.01.002.

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Title Willingness-to-pay estimation with choice-based conjoint analysis: addressing extreme response behavior with individually adapted designs
Author(s) Gensler, Sonja
Hinz, Oliver
Skiera, Bernd
Theysohn, Sven
Journal name European journal of operational research
Volume number 219
Issue number 2
Start page 368
End page 378
Total pages 11
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2012-06-01
ISSN 0377-2217
Keyword(s) choice-based conjoint analysis
willingness to pay
marketing research
Summary The increasing consideration of behavioral aspects in operations management models has prompted greater use of choice-based conjoint (CBC) studies in operations research. Such studies can elicit consumers’ willingness to pay (WTP), a core input for many optimization models. However, optimization models can yield valid results only if consumers’ WTP is estimated accurately. A simulation study and two field studies show that extreme response behavior in CBC studies, such that consumers always or never choose the no-purchase option, harms the validity of WTP estimates. Reporting the share of consumers who always and never select the no-purchase option allows for detecting extreme response behavior. This study suggests an individually adapted design that avoids extreme response behavior and thus significantly improves WTP estimation accuracy.
Language eng
DOI 10.1016/j.ejor.2012.01.002
Field of Research 150599 Marketing not elsewhere classified
Socio Economic Objective 970115 Expanding Knowledge in Commerce
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2012, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30091181

Document type: Journal Article
Collection: Department of Marketing
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