Methodology of Preference Measurement. Prediction of Consumer Choice

Abstract

A model is presented for predicting the proportion of consumers who purchase each of three competing objects differing in price. The model is applied to predict proportions of consumers purchasing each of three luncheon entrees on several criterion days. Preference parameters are estimated from responses to a food preference schedule by a least squares method of successive intervals; an iterative solution is utilized for estimating the utility of each price level. Results indicate that the model is tenable, and suggest a non-monotonic relationship between utility of price and monetary price level within the range of prices investigated.

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Document Details

Document Type
Technical Report
Publication Date
Jul 31, 1956
Accession Number
AD0617921

Entities

People

  • Lyle V. Jones

Organizations

  • University of Chicago

Tags

DTIC Thesaurus Topics

  • Birds
  • Consistency
  • Consumers
  • Containers
  • Data Science
  • Equations
  • Frequency
  • Illinois
  • Information Science
  • Integrals
  • Intervals
  • Least Squares Method
  • Normal Distribution
  • Psychology
  • Universities

Readers

  • Brain and Cognitive Science; Experimental Psychology; Cognitive Neuroscience
  • Gender and Food Studies
  • Government Contracting/Procurement.