Recommendations on the use of Bayesian Optimal Designs for Choice Experiments
KBI Working Paper No. 0617
19 Pages Posted: 7 Mar 2007
Date Written: 2006
Abstract
In this paper, we argue that some of the prior parameter distributions used in the literature for the construction of Bayesian optimal designs are internally inconsistent. We rectify this error and provide practical advice on how to properly specify the prior parameter distribution. Also, we present two pertinent examples to illustrate that Bayesian optimal designs generally outperform utility-neutral optimal designs that are based on linear design principles.
Keywords: Bayesian optimal designs, Choice experiments, Prior parameter distribution, Utility-neutral optimal designs
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