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An Incentive Compatible Conjoint Ranking Mechanism

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  • Deacue Fields
  • Walt Prevatt

Abstract

A simple method for making ranking-based conjoint analysis incentive compatible is proposed. The incentive compatible mechanism involves people purchasing a product profile with a probability proportional to its assigned rank. In an empirical application related to consumer preferences for beef attributes, we find that the forecasted market share for a new pasture-raised steak obtained using incentive-compatible rankings was significantly greater than that implied from traditional hypothetical conjoint rankings. People's rankings of ground beef products were not affected by the mechanism or by information about pasture-raised beef. Copyright 2008, Oxford University Press.

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File URL: http://hdl.handle.net/10.1111/j.1467-8276.2007.01119.x
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 90 (2008)
Issue (Month): 2 ()
Pages: 487-498

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Handle: RePEc:oup:ajagec:v:90:y:2008:i:2:p:487-498

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Cited by:
  1. Avitia, Jessica & Costa-Font, Montserrat & Gil, Jose Maria & Lusk, Jayson L., 2011. "A Calibrate Auction-conjoint Experiment to Elicit Consumer Valuation of Sustainable Farming: Is Agro-systems Preservation Relevant?," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114213, European Association of Agricultural Economists.
  2. Kirsten, Johann F. & Vermeulen, Hester & Van Zyl, Karlien & Du Randt, Gerrie & Du Plessis, H. & Weissnar, Tessa, 2012. "The economic potential for an origin based marketing and certification system for a meat product in South Africa: Perceptions, preferences, and experiments," 2012 Conference, August 18-24, 2012, Foz do Iguacu, Brazil 125764, International Association of Agricultural Economists.
  3. Moser, Riccarda & Raffaelli, Roberta & Notaro, Sandra, 2010. "The Role Of Production Methods In Fruit Purchasing Behaviour: Hypothetical Vs Actual Consumers’ Preferences And Stated Minimum Requirements," 115th Joint EAAE/AAEA Seminar, September 15-17, 2010, Freising-Weihenstephan, Germany 116426, European Association of Agricultural Economists & Agricultural and Applied Economics Association.
  4. McAdams, Callie P. & Palma, Marco A. & Hall, Charles R. & Ishdorj, Ariun, 2013. "A Nonhypothetical Ranking and Auction Mechanism for Novel Products," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 45(01), February.
  5. Jonathan Alevy & Oscar Cristi & Oscar Melo, 2010. "Right-to-choose auctions: A field study of water markets in the limari valley of chile," Framed Field Experiments 00117, The Field Experiments Website.
  6. Øvrum, Arnstein & Alfnes, Frode & Almli, Valérie L. & Rickertsen, Kyrre, 2012. "Health information and diet choices: Results from a cheese experiment," Food Policy, Elsevier, vol. 37(5), pages 520-529.
  7. Silva, Andres & Nayga, Rodolfo M., Jr. & Campbell, Benjamin L. & Park, John L., 2011. "Revisiting Cheap Talk with New Evidence from a Field Experiment," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), August.
  8. Wendy J. Umberger & Peter C. Boxall & R. Curt Lacy, 2009. "Role of credence and health information in determining US consumers' willingness-to-pay for grass-finished beef," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 53(4), pages 603-623, October.

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