JSM 2005 - Toronto

Abstract #302678

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Legend: = Applied Session, = Theme Session, = Presenter
Activity Number: 249
Type: Invited
Date/Time: Tuesday, August 9, 2005 : 10:30 AM to 12:20 PM
Sponsor: Section on Physical and Engineering Sciences
Abstract - #302678
Title: An Integrated Model of Choice and Response Time with Applications to Conjoint Analysis
Author(s): Greg M. Allenby and Thomas Otter*+
Companies: The Ohio State University and The Ohio State University
Address: , , 43210, USA
Keywords: Poisson Process ; Hierarchical Bayes ; Choice ; Response Times ; Conjoint Analysis
Abstract:

With the proliferation of computer and web-based interviewing tools, process data such as response time arises as a natural byproduct of many conjoint applications. Despite the immediate availability of this data, surprisingly few attempts to integrate response time into choice models have been made. Available models that take response time into account treat the observed response times as another explanatory variable and conduct conditional inference on the probability of choice. We investigate use of a model that treats choice and time as dependent variables of an underlying psychological process. Product profiles in a choice set induce a signal generating process in the respondent's mind, where more attractive profiles are assumed to generate signals at a faster rate. The profile that first generates a cumulative number of signals equal to a consumer-specific threshold is chosen. Thus the underlying psychological process links the conditional choice probability to the marginal density of response time via some parameter vector that needs to be estimated.

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