Predicted preference conjoint analysis.
In this paper we propose a new method of eliciting market research information. Instead of asking respondents for their personal choices and preferences, we ask respondents to predict the choices of other respondents to the survey. Such predictions tap respondents' knowledge of peers, whether b...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Public Library of Science (PLoS)
2021-01-01
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| Series: | PLoS ONE |
| Online Access: | https://doi.org/10.1371/journal.pone.0256010 |
| _version_ | 1819093461878439936 |
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| author | Sonja Radas Dražen Prelec |
| author_facet | Sonja Radas Dražen Prelec |
| author_sort | Sonja Radas |
| collection | DOAJ |
| description | In this paper we propose a new method of eliciting market research information. Instead of asking respondents for their personal choices and preferences, we ask respondents to predict the choices of other respondents to the survey. Such predictions tap respondents' knowledge of peers, whether based on direct social contacts or on more general cultural information. The effectiveness of this approach has already been demonstrated in the context of political polling. Here we extend it to market research, specifically, to conjoint analysis. An advantage of the new approach is that it can elicit reliable responses in situations where people are not comfortable with disclosing their true preferences, but may be willing to give information about people around them. A theoretical argument demonstrates that predictions should yield utility estimates that are more accurate. These theoretical results are confirmed in four online experiments. |
| first_indexed | 2024-12-21T23:11:53Z |
| format | Article |
| id | doaj.art-bd458a4e613949048f25120d167e08f5 |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-12-21T23:11:53Z |
| publishDate | 2021-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-bd458a4e613949048f25120d167e08f52022-12-21T18:47:01ZengPublic Library of Science (PLoS)PLoS ONE1932-62032021-01-01168e025601010.1371/journal.pone.0256010Predicted preference conjoint analysis.Sonja RadasDražen PrelecIn this paper we propose a new method of eliciting market research information. Instead of asking respondents for their personal choices and preferences, we ask respondents to predict the choices of other respondents to the survey. Such predictions tap respondents' knowledge of peers, whether based on direct social contacts or on more general cultural information. The effectiveness of this approach has already been demonstrated in the context of political polling. Here we extend it to market research, specifically, to conjoint analysis. An advantage of the new approach is that it can elicit reliable responses in situations where people are not comfortable with disclosing their true preferences, but may be willing to give information about people around them. A theoretical argument demonstrates that predictions should yield utility estimates that are more accurate. These theoretical results are confirmed in four online experiments.https://doi.org/10.1371/journal.pone.0256010 |
| spellingShingle | Sonja Radas Dražen Prelec Predicted preference conjoint analysis. PLoS ONE |
| title | Predicted preference conjoint analysis. |
| title_full | Predicted preference conjoint analysis. |
| title_fullStr | Predicted preference conjoint analysis. |
| title_full_unstemmed | Predicted preference conjoint analysis. |
| title_short | Predicted preference conjoint analysis. |
| title_sort | predicted preference conjoint analysis |
| url | https://doi.org/10.1371/journal.pone.0256010 |
| work_keys_str_mv | AT sonjaradas predictedpreferenceconjointanalysis AT drazenprelec predictedpreferenceconjointanalysis |