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Improving Attribute-Importance Measurement : a Reference-Point Approach

Year: 2004

Type: preprint

Abstract: Despite the importance of identifying the hierarchy of product attributes that drive judgment and choice, the many available methods remain limited regarding their convergent validity and test-retest reliability. To increase the validity and reliability of attribute-importance measurement, we focus on the central antecedent of the importance of product attributes in judgment and choice: consumers' valuation curve of an attribute - the idiosyncratic valuation of an attribute at different attribute levels relative to consumers' reference points. We propose two new attribute-importance measures that reflect the determinance and the relevance of an attribute respectively, and show that accounting for the effects of reference points increases the predictive validity of attribute-determinance measures.

Source: SSRN Electronic Journal

Authors: Koert van Ittersum, J.M.E. Pennings, Brian Wansink, J.C.M. van Trijp

Institutions: University of Groningen, University of Illinois Urbana-Champaign, Maastricht University, Wageningen University & Research, Cornell University

Language: English

Topic: Economic and Environmental Valuation

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W2151804715

Cites: 16

Cited by: 3

Related to: 10