TY - JOUR
T1 - Eliciting and estimating reservation price
T2 - A semi-compensatory approach
AU - Kaplan, Sigal
AU - Bekhor, Shlomo
AU - Shiftan, Yoram
PY - 2011/1
Y1 - 2011/1
N2 - This study proposes a two-stage method to elicit consumers' price acceptability range. The method combines a conjunctive stage to elicit price acceptability limits with a utility-based stage to choose a preferred product variation. The method is efficient in choice situations entailing many multi-attribute product variations under partial information conditions. A semi-compensatory model complements the method by jointly representing the conjunctive stage with multiple ordered-response models and the choice stage with a multinomial logit model. A case study of ceiling reservation price (CRP) elicitation for students' rental apartment choice shows (i) CRP distribution for different product variations, (ii) model estimation unraveling CRP determinants, and (iii) linkage between CRP and transaction price.
AB - This study proposes a two-stage method to elicit consumers' price acceptability range. The method combines a conjunctive stage to elicit price acceptability limits with a utility-based stage to choose a preferred product variation. The method is efficient in choice situations entailing many multi-attribute product variations under partial information conditions. A semi-compensatory model complements the method by jointly representing the conjunctive stage with multiple ordered-response models and the choice stage with a multinomial logit model. A case study of ceiling reservation price (CRP) elicitation for students' rental apartment choice shows (i) CRP distribution for different product variations, (ii) model estimation unraveling CRP determinants, and (iii) linkage between CRP and transaction price.
KW - Ceiling reservation price
KW - Direct elicitation methods
KW - Price acceptability range
KW - Two-stage model
UR - http://www.scopus.com/inward/record.url?scp=78449239020&partnerID=8YFLogxK
U2 - 10.1016/j.jbusres.2009.09.019
DO - 10.1016/j.jbusres.2009.09.019
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AN - SCOPUS:78449239020
SN - 0148-2963
VL - 64
SP - 45
EP - 50
JO - Journal of Business Research
JF - Journal of Business Research
IS - 1
ER -