Resumen de Using online self-assessment tool to improve conjoint analysis
Keqiang Wang, Hongwei Liu, Wuyang Chu, Linda Cox
Purpose - Dolphin excursions have become increasingly popular worldwide. Many past studies assessing the value of dolphin excursions use choice-based methods such as the conjoint analysis. However, this method is often criticized as being hypothetical. The purpose of this paper is to describe a relatively low cost but effective approach to enhance understanding of consumer preference obtained by conjoint analysis. The method relies heavily on using internet-based survey tools. Design/methodology/approach - Enabled by an online tool, individuals are asked to self-explicate their preferred alternatives using the same attributes as are found in the conjoint design. The difference between the self-constructed, preferred alternatives and those offered in conjoint experiment are incorporated into choice models. Unlike previous research where only rough estimates can be provided, the proposed method allows precise capture of respondents' preferred alternative through the automated online survey design. Findings - Results show that although the extra effort involved in data collection is small, the gain in model fit, choice interpretation, and the value (welfare) estimation is sizeable. Evidence indicates that consumers would be willing to pay up to $50 more for adventurous excursions and guarantees that they will interact with dolphins could worth up to $70 per trip. The approach presented in this paper can also serve as a method to test for preference consistency. Originality/value - This study is the first using an online survey to assess values associated with dolphin excursion. It describes the benefit of involving online tools to enhance modeling and interpretation of consumer behavior. Applications of internet-based surveys on household consumer products are abundant (such as food and electronics) but this study offers a much less discussed application in environmental service.
