Best - Worst Conjoint: Does the Model Matter?

• Activity Number: 180
• Type: Contributed
• Date/Time: Monday, August 4, 2014 : 10:30 AM to 12:20 PM
• Sponsor: Section on Statistics in Marketing
• Author(s): Robert Mee*+
• Companies: University of Tennessee
• Keywords: multinomial logit model ; largest extreme value distribution ; smallest extreme value distribution ; maxdiff

Abstract

Choice-based conjoint requires little extra effort for respondents to identify their least favored option as well as the most favored option for each choice set. The standard multinomial logit model for best-worst responses is motivated by convenience, not by appeal to a consistent utility model. This talk will explore when the data are such that the choice of model matters. Alternatively, we will see situations where various multinomial logit models lead to the same conclusions. In these later cases, a very simplistic analysis suffices.