Choice-Based Conjoint Analysis: Methods and Applications

This handbook entry comprehensively explains Choice-Based Conjoint Analysis (CBC), a popular market research technique for understanding consumer preferences. It details the theoretical underpinnings, including utility and choice models, and outlines the practical steps involved in conducting CBC experiments, from attribute selection to questionnaire implementation. The text further explores estimation procedures like maximum likelihood and advanced techniques for handling consumer heterogeneity, such as segment-level and individual-level modeling. Finally, it discusses applications of CBC in market simulations and willingness-to-pay analysis, concluding with an outlook on future research directions in this field.