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Combining and comparing consumers' stated preference ratings and choice responses

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Author Info
Conlon, B.
Dellaert, B.G.C.
Soest, A. van (Tilburg University, Center for Economic Research)

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Abstract

In this study we develop and test an econometric model for combining choice and preference ratings data collected from the same set of individuals. Choice data are modeled using a multinomial logit framework, while preference data are modeled using an ordered response equation. Individual heterogeneity is allowed for via random coefficients providing a link between the choice and ratings data. Parameters are estimated by Simulated Maximum Likelihood. An application of the model to consumer yoghurt choice in The Netherlands found that ratings based preference estimates differ significantly from choice based estimates, but the correlation between random coefficients driving the two is very strong.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 119.

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Date of creation: 2000
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Handle: RePEc:dgr:kubcen:2000119

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Find related papers by JEL classification:
C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models
M31 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Marketing

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  1. Ben-Akiva, Moshe & Morikawa, Takayuki & Shiroishi, Fumiaki, 1992. "Analysis of the reliability of preference ranking data," Journal of Business Research, Elsevier, vol. 24(2), pages 149-164, March. [Downloadable!] (restricted)
  2. Hensher, David & Louviere, Jordan & Swait, Joffre, 1998. "Combining sources of preference data," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 197-221, November. [Downloadable!] (restricted)
  3. Richard Carson & Theodore Groves, 2007. "Incentive and informational properties of preference questions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(1), pages 181-210, May. [Downloadable!] (restricted)
  4. Boxall, Peter C. & Adamowicz, Wiktor L. & Swait, Joffre & Williams, Michael & Louviere, Jordan, 1996. "A comparison of stated preference methods for environmental valuation," Ecological Economics, Elsevier, vol. 18(3), pages 243-253, September. [Downloadable!] (restricted)
  5. Billings, Robert S. & Scherer, Lisa L., 1988. "The effects of response mode and importance on decision-making strategies: Judgment versus choice," Organizational Behavior and Human Decision Processes, Elsevier, vol. 41(1), pages 1-19, February. [Downloadable!] (restricted)
  6. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, vol. 46(6), pages 1251-71, November. [Downloadable!] (restricted)
  7. Hajivassiliou, Vassilis A. & Ruud, Paul A., 1986. "Classical estimation methods for LDV models using simulation," Handbook of Econometrics, in: R. F. Engle & D. McFadden (ed.), Handbook of Econometrics, edition 1, volume 4, chapter 40, pages 2383-2441 Elsevier. [Downloadable!] (restricted)
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