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Models for heterogeneous variable selection
Preference heterogeneity is a major research stream in marketing aimed at quantifying and understanding the diversity of demand for product attributes and attribute levels. In experimental settings in which consumers are presented with simple descriptions of product offerings, continuous distributions of heterogeneity, such as the multivariate normal, provide a useful representation of preference. However, in more complex cases in which respondents have value for only a few of the benefits associated with an offering or cognitive constraints that result in selective attention to a subset of the information available, continuous distributions of heterogeneity do not reflect the possibility that a subset of the variables have nonzero effect sizes for different respondents. Identifying which attributes are used in a brand choice decision is closely related to the statistical procedure of variable selection. This article extends variable selection methods to accommodate heterogeneity across consumers and data contexts, conditions that are frequently encountered in marketing studies. The authors apply the methods to a discrete choice conjoint study in which data are collected in both full-profile and partial-profile formats. The empirical application demonstrates that the variable selection models result in better prediction and inference. The variable selection models had better out-of-sample fit, with a 6%-16% improvement in predictive accuracy. The results support the hypothesis that consumers adopt different decision strategies in different choice contexts. The study also shows that ignoring variable selection leads to biased parameter estimates and different conclusions about the importance of individual product attributes. These differences would result in different optimal product designs..Printed Journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | : American Marketing Association |
|---|---|
| Edisi | - |
| Subjek | Decision making Market research Product Choice Preferences studies |
| ISBN/ISSN | 222437 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |