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Activity Number:
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200
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Type:
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Contributed
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Date/Time:
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Monday, August 7, 2006 : 2:00 PM to 3:50 PM
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Sponsor:
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Section on Statistics and Marketing
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| Abstract - #306870 |
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Title:
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Misspecification and Decision Strategies in Choice Design Parameter Assumptions
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Author(s):
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Jennifer Golek*+ and Robert W. Mee
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Companies:
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DuPont and University of Tennessee
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Address:
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3401 N. Rockfield Drive, Wilmingon, DE, 19810,
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Keywords:
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stated preference experiment ; discrete choice experiment ; efficiency ; entropy ; non-compensatory decision strategy
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Abstract:
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We study the impact of misspecification of the assumed parameter values used in creation of optimal choice designs. We find that the impact of misspecification varies widely based on the discrepancy between the true and assumed parameter values. Further, we find that entropy becomes a more feasible secondary measure of design optimality if one considers the potential of misspecification of the values. Current design and analysis strategies for stated preference experiments assume that compensatory decisions are made. We consider how different decision strategies may be represented through manipulating the assumed parameter values used in creating the choice designs. In this context, the consequences of misspecification of the decision strategy are also evaluated.
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