Attribute Importance Weights in Conjoint Analysis: Bias and Precision
Sanjay Kumar Mishra, U. N. Umesh, Donald E. Stem · 1989
Consumer researchers have used conjoint analysis to evaluate the importance of an attribute in forming preferences. Although past researchers have tested the validity and reliability of the overall conjoint analysis results, some of the properties of the individual importance weights have remained unknown. Using a simulation, the current paper estimates the bias and precision of the importance weights. The bias and precision are each found to vary as a function of the estimation algorithm, judgmental error level, evaluation strategy used, number of profiles and attributes in the evaluation task and the number of attribute levels. When the dominant attribute evaluation strategy is used, the estimates of the importance weights have large biases and poor precision.