A cross-validity comparison of rating-based and choice-based conjoint analysis models

This paper compares OLS, hierarchical Bayes (HB), and latent segment, rating-based conjoint models to HB and latent segment choice-based conjoint models. The biggest systematic difference between rating- and choice-based parameters is consistent with a compatibility effect. This leads to a stronger...

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Bibliographic Details
Published in:International journal of research in marketing 2004-09, Vol.21 (3), p.299-312
Main Author: Moore, William L.
Format: Article
Language:English
Subjects:
Bayesian analysis
Choice-based conjoint analysis
Conjoint analysis
Hierarchical Bayes
Mathematical analysis
Rating-based conjoint analysis
Statistical analysis
Statistical data
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Summary:This paper compares OLS, hierarchical Bayes (HB), and latent segment, rating-based conjoint models to HB and latent segment choice-based conjoint models. The biggest systematic difference between rating- and choice-based parameters is consistent with a compatibility effect. This leads to a stronger prominence effect for rating-based models. The HB rating-based model has the highest hit rate and choice share validations and the OLS model has the second highest. Within both rating- and choice-based models, hierarchical Bayes models have higher hit rate and choice share validations than latent segment models. Using a choice simulator, the profiles predicted to be optimal with an HB choice-based model are similar to those predicted to be optimal with an HB rating-based model.
ISSN:0167-8116
1873-8001
DOI:10.1016/j.ijresmar.2004.01.002