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Means matter, but variance matter too: Decomposing response latency influences on variance heterogeneity in stated preference experiments

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  • John Rose

    ()

  • Iain Black

    ()

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    Abstract

    Response time latencies have been shown to influence consumer’s choice behaviour in choice-based-conjoint studies. The literature has shown that response time latencies affect the mean outputs of parameter estimates derived from models of discrete choice. In this paper, we add further insight into the influences response time latencies have on such models by modelling latent response information associated with the variance of random parameter distributions through parameterisation of variance heterogeneity (or heteroskedasticity). We demonstrate that response time latencies influence not only the means of random parameter distributions, but also the variances, and that failure to account for both may result in incorrect model inferences being drawn. Copyright Springer Science + Business Media, LLC 2006

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    File URL: http://hdl.handle.net/10.1007/s11002-006-8632-3
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    Bibliographic Info

    Article provided by Springer in its journal Marketing Letters.

    Volume (Year): 17 (2006)
    Issue (Month): 4 (December)
    Pages: 295-310

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    Handle: RePEc:kap:mktlet:v:17:y:2006:i:4:p:295-310

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    Web page: http://www.springerlink.com/link.asp?id=100312

    Related research

    Keywords: Choice modelling; Consumer choice behaviour; Response time latencies;

    References

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    1. Greene, William H. & Hensher, David A. & Rose, John, 2006. "Accounting for heterogeneity in the variance of unobserved effects in mixed logit models," Transportation Research Part B: Methodological, Elsevier, vol. 40(1), pages 75-92, January.
    2. Brownston, David & Bunch, David S. & Train, Kenneth, 1999. "Joint mixed logit models of stated and revealed preferences for alternative-fuel vehicles," University of California Transportation Center, Working Papers qt7rf7s3nx, University of California Transportation Center.
    3. Swait, Joffre & Adamowicz, Wiktor, 2001. " The Influence of Task Complexity on Consumer Choice: A Latent Class Model of Decision Strategy Switching," Journal of Consumer Research, University of Chicago Press, vol. 28(1), pages 135-48, June.
    4. Hensher,David A. & Rose,John M. & Greene,William H., 2005. "Applied Choice Analysis," Cambridge Books, Cambridge University Press, number 9780521844260.
    5. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521766555.
    6. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
    7. Bettman, James R & Luce, Mary Frances & Payne, John W, 1998. " Constructive Consumer Choice Processes," Journal of Consumer Research, University of Chicago Press, vol. 25(3), pages 187-217, December.
    8. Cooke, Alan D. J. & Mellers, Barbara A., 1995. "Attribute Range and Response Range: Limits of Compatibility in Multiattribute Judgment," Organizational Behavior and Human Decision Processes, Elsevier, vol. 63(2), pages 187-194, August.
    9. DeShazo, J. R. & Fermo, German, 2002. "Designing Choice Sets for Stated Preference Methods: The Effects of Complexity on Choice Consistency," Journal of Environmental Economics and Management, Elsevier, vol. 44(1), pages 123-143, July.
    10. de Palma, Andre & Myers, Gordon M & Papageorgiou, Yorgos Y, 1994. "Rational Choice under an Imperfect Ability to Choose," American Economic Review, American Economic Association, vol. 84(3), pages 419-40, June.
    11. Bhat, Chandra & Zhao, Huimin, 2002. "The spatial analysis of activity stop generation," Transportation Research Part B: Methodological, Elsevier, vol. 36(6), pages 557-575, July.
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    Cited by:
    1. Hess, Stephane & Rose, John M., 2009. "Allowing for intra-respondent variations in coefficients estimated on repeated choice data," Transportation Research Part B: Methodological, Elsevier, vol. 43(6), pages 708-719, July.
    2. Mikołaj Czajkowski & Marek Giergiczny & William H. Greene, 2012. "Learning and Fatigue Effects Revisited. The Impact of Accounting for Unobservable Preference and Scale Heterogeneity on Perceived Ordering Effects in Multiple Choice Task Discrete Choice Experiments," Working Papers 2012-08, Faculty of Economic Sciences, University of Warsaw.
    3. Marsh, Dan & Phillips, Yvonne, 2012. "Difficult Choices: What Influences the Error Variance in a Choice Experiment," 2012 Conference, August 31, 2012, Nelson, New Zealand 139651, New Zealand Agricultural and Resource Economics Society.
    4. Crabbe, M. & Vandebroek, M., 2012. "Improving the efficiency of individualized designs for the mixed logit choice model by including covariates," Computational Statistics & Data Analysis, Elsevier, vol. 56(6), pages 2059-2072.
    5. Hess, Stephane & Stathopoulos, Amanda, 2013. "Linking response quality to survey engagement: A combined random scale and latent variable approach," Journal of choice modelling, Elsevier, vol. 7(C), pages 1-12.

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