Conflicting findings have been found in previous research that compared choice-based conjoint analysis and ranking conjoint analysis in a public good setting. The present paper revisits this issue for a private good in a non-hypothetical context using small and large choice sets. Our results suggest that in a small choice set setting, participants' preferences and willingness to pay are similar across the two conjoint analysis formats. However, in large choice sets, a divergence between the two conjoint analysis formats emerges. Hence, the two conjoint analysis formats can only be used interchangeably in small choice sets, not in large choice sets.
Bibliographical noteFunding Information:
We thank the Center for Agro-Food Econ omy and Development (CREDA) as well as the Scottish Government’s Rural and Environment Science and Analytical Services (RESAS) program for their financial support to carry out the experiments.
- conjoint analysis
- non-hypothetical settings
- small and large choice sets
ASJC Scopus subject areas
- Agricultural and Biological Sciences (miscellaneous)
- Economics and Econometrics