Strengths of Choice Modelling
- Forces respondents to consider trade-offs between attributes;
- Makes the frame of reference explicit to respondents via the inclusion of an array of attributes and product alternatives;
- Enables implicit prices to be estimated for attributes;
- Enables welfare impacts to be estimated for multiple scenarios;
- Can be used to estimate the level of customer demand for alternative 'service product' in non-monetary terms; and
- Potentially reduces the incentive for respondents to behave strategically.
Read more about this topic: Choice Modelling
Famous quotes containing the words strengths, choice and/or modelling:
“A man who has never lost himself in a cause bigger than himself has missed one of life’s mountaintop experiences. Only in losing himself does he find himself. Only then does he discover all the latent strengths he never knew he had and which otherwise would have remained dormant.”
—Richard M. Nixon (1913–1995)
“The base of all artistic genius is the power of conceiving humanity in a new, striking, rejoicing way, of putting a happy world of its own creation in place of the meaner world of common days, of generating around itself an atmosphere with a novel power of refraction, selecting, transforming, recombining the images it transmits, according to the choice of the imaginative intellect. In exercising this power, painting and poetry have a choice of subject almost unlimited.”
—Walter Pater (1839–1894)
“The windy springs and the blazing summers, one after another, had enriched and mellowed that flat tableland; all the human effort that had gone into it was coming back in long, sweeping lines of fertility. The changes seemed beautiful and harmonious to me; it was like watching the growth of a great man or of a great idea. I recognized every tree and sandbank and rugged draw. I found that I remembered the conformation of the land as one remembers the modelling of human faces.”
—Willa Cather (1873–1947)