Abstract:
In this decision-driven era, it has become vital for modelers to efficiently model consumer
choices and preferences (from a marketing perspective for instance). Conjoint analysis
is a known method which has been used to perform such analyses. A mixed effects
model is proposed to perform a conjoint analysis with normal responses, illustrated by
an application of modeling respondent’s preferences to different industrial detergents.
The proposed model allows for predicting how observed attributes (which describes a
product in terms of its characteristics and features) of decision makers and choice options,
influence decisions. Inference regarding the parameters of the proposed model with a
normal distribution is discussed in the mixed effect conjoint setting. Extensions of this
model, regarding Bayesian prior selection are also discussed.
