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| Author: | Arora, N. Huber, J. |
| Title: | Improving Parameter Estimates and Model Prediction by Aggregate Customization in Choice Experiments |
| Journal: | Journal of Consumer Research
2002 : SEP, VOL. 28:2, p. 273-283 |
| Index terms: | ESTIMATION ESTIMATION ERRORS MODELS ANALYTICAL REVIEW |
| Language: | eng |
| Abstract: | The authors propose aggregate customization as an approach to improve individual estimates using a hierarchical Bayes choice model. The authors' approach involves the use of prior estimates to build a common design customized for the average respondent. The authors conduct two simulation studies to investigate conditions that are most conducive to aggregate customization. The simulations are validated by a field study showing that aggregate customization results in better estimates of individual parameters and more accurate predictions of individuals' choices. The proposed approach is easy to use, and a simulation study can assess the expected benefit from aggregate customization prior to its implementation. |
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