1. Adjusting Choice Models to Better Predict Market Behavior
- Author
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University of Michigan, Michigan, Ohio State University, Ohio, Consultant, Dublin, Ireland, Duke University, USA, Eagle Analytics, USA, Notre Dame University, USA, University of Rochester, USA, Korea University, Korea, Sawtooth Software, USA, Harvard University, USA, Boston University, Boston, Ann Arbor, Allenby, Greg, Fennell, Geraldine, Huber, Joel, Eagle, Thomas, Gilbride, Tim, Horsky, Dan, Kim, Jaehwan, Lenk, Peter J., Johnson, Richard M., Ofek, Elie, Orme, Bryan, Otter, Thomas, Walker, Joan, University of Michigan, Michigan, Ohio State University, Ohio, Consultant, Dublin, Ireland, Duke University, USA, Eagle Analytics, USA, Notre Dame University, USA, University of Rochester, USA, Korea University, Korea, Sawtooth Software, USA, Harvard University, USA, Boston University, Boston, Ann Arbor, Allenby, Greg, Fennell, Geraldine, Huber, Joel, Eagle, Thomas, Gilbride, Tim, Horsky, Dan, Kim, Jaehwan, Lenk, Peter J., Johnson, Richard M., Ofek, Elie, Orme, Bryan, Otter, Thomas, and Walker, Joan
- Abstract
The emergence of Bayesian methodology has facilitated respondent-level conjoint models, and deriving utilities from choice experiments has become very popular among those modeling product line decisions or new product introductions. This review begins with a paradox of why experimental choices should mirror market behavior despite clear differences in content, structure and motivation. It then addresses ways to design the choice tasks so that they are more likely to reflect market choices. Finally, it examines ways to model the results of the choice experiments to better mirror both underlying decision processes and potential market choices.
- Published
- 2006