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Bayesian latent class metric conjoint analysis. A case study from the Austrian mineral water market.

Otter, Thomas and Tüchler, Regina and Frühwirth-Schnatter, Sylvia (2002) Bayesian latent class metric conjoint analysis. A case study from the Austrian mineral water market. Report Series SFB "Adaptive Information Systems and Modelling in Economics and Management Science", 71. SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, Vienna.

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Abstract

This paper presents the fully Bayesian analysis of the latent class model using a new approach towards MCMC estimation in the context of mixture models. The approach starts with estimating unidentified models for various numbers of classes. Exact Bayes' factors are computed by the bridge sampling estimator to compare different models and select the number of classes. Estimation of the unidentified model is carried out using the random permutation sampler. From the unidentified model estimates for model parameters that are not class specific are derived. Then, the exploration of the MCMC output from the unconstrained model yields suitable identifiability constraints. Finally, the constrained version of the permutation sampler is used to estimate group specific parameters. Conjoint data from the Austrian mineral water market serve to illustrate the method. (author's abstract)

Item Type: Paper
Keywords: Bayesian analysis / conjoint analysis / latent class models / MCMC methods / model selection
Divisions: Departments > Informationsverarbeitung u Prozessmanag. > Produktionsmanagement > Taudes
Departments > Finance, Accounting and Statistics > Statistics and Mathematics
Departments > Marketing > Service Marketing und Tourismus
Departments > Informationsverarbeitung u Prozessmanag. > Informationswirtschaft
Depositing User: Repository Administrator
Date Deposited: 20 Jan 2003 14:46
Last Modified: 06 May 2015 18:30
URI: http://epub.wu.ac.at/id/eprint/1012

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