An Incentive Compatible Conjoint Ranking Mechanism

A simple method for making ranking-based conjoint analysis incentive compatible is proposed. The incentive compatible mechanism involves people purchasing a product profile with a probability proportional to its assigned rank. In an empirical application related to consumer preferences for beef attributes, we find that the forecasted market share for a new pasture-raised steak obtained using incentive-compatible rankings was significantly greater than that implied from traditional hypothetical conjoint rankings. People's rankings of ground beef products were not affected by the mechanism or by information about pasture-raised beef. Copyright 2008, Oxford University Press.

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