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| Registros recuperados: 30 | |
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| Norwood, F. Bailey; Lusk, Jayson L.. |
| Economists typically assume that more choice is better, and consumers are more likely to purchase from a larger choice set. However, marketing and psychological studies show this is not always the case. This paper reports results from experiments designed to further investigate the so-called excessive-choice effect. First, we investigate whether people would voluntarily reduce their choice set size. Second, we investigate whether the excessive-choice effect, found in previous studies, is robust to changes in experimental design. Third, we explore how personality influences preferences for choice set size. Results show that the excessive-choice effect indeed exists for some people, but on average people prefer greater choice. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Consumer/Household Economics. |
| Ano: 2007 |
URL: http://purl.umn.edu/34850 |
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| Gunderson, Michael A.; Lusk, Jayson L.; Norwood, F. Bailey. |
| A relative increase in demand for quality can have one of two potentially countervailing effects: it can cause substitution of one quality for another and/or it might expand overall demand by bringing new consumers into the market. This article investigates demand expansion and substitution among beef qualities by exploiting the use of a no-purchase option in a nonhypothetical choice experiment involving real food and real money. A random parameters logit model, which permits very flexible substitution patterns, is used to show that expanding demand for high quality rib-eye steak increases revenue by a greater degree than expanding demand for low quality steak. Regardless of whether high or low quality demand is expanded, the expansion effect dominates the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Demand and Price Analysis. |
| Ano: 2005 |
URL: http://purl.umn.edu/19465 |
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| Lusk, Jayson L.; Norwood, F. Bailey; Brorsen, B. Wade. |
| Little research has been conducted on evaluating out-of-sample forecasts of limited dependent variables. This study describes the large and small sample properties of two forecast evaluation techniques for limited dependent variables: receiver-operator curves and out-of-sample-log-likelihood functions. The methods are shown to provide identical model rankings in large samples and similar rankings in small samples. The likelihood function method is slightly better at detecting forecast accuracy in small samples, while receiver-operator curves are better at comparing forecasts across different data. By improving forecasts of fed-cattle quality grades, the forecast evaluation methods are shown to increase cattle marketing revenues by $2.59/head. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2004 |
URL: http://purl.umn.edu/34612 |
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| Chang, Jae Bong; Lusk, Jayson L.; Norwood, F. Bailey. |
| We compare the ability of three preference elicitation methods (hypothetical choices, non-hypothetical choices, and non-hypothetical rankings) and three discrete-choice econometric models (the multinomial logit, the independent availability logit, and the random parameter logit) to predict actual retail shopping behavior in three different product categories (ground beef, wheat flour, and dishwashing liquid). Overall, across all methods, we find a reasonably high level of external validity. Our results suggest that the non-hypothetical elicitation approaches, especially the non-hypothetical ranking, outperformed the hypothetical choice experiment in predicting retail sales. We also find that the random parameter logit can have superior predictive... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Contingent valuation; Choice experiments; Experimental economics; External validity; Field experiment; Agribusiness; Consumer/Household Economics; Marketing; Research Methods/ Statistical Methods. |
| Ano: 2008 |
URL: http://purl.umn.edu/43600 |
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| Norwood, F. Bailey; Lusk, Jayson L.; Ferrier, Peyton Michael. |
| While the combination of several or more models is often found to improve forecasts (Brandt and Bessler, Min and Zellner, Norwood and Schroeder), hypothesis tests are typically conducted using a single model approach 1 . Hypothesis tests and forecasts have similar goals; they seek to define a range over which a parameter should lie within a degree of confidence. If it is true that, on average, composite forecasts are more accurate than a single model's forecast, it might also be true that hypothesis tests using information from numerous models are, on average, more accurate in the sense of lower Type I and Type II errors than hypothesis tests using a single model. |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Research Methods/ Statistical Methods. |
| Ano: 2001 |
URL: http://purl.umn.edu/18964 |
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| Registros recuperados: 30 | |
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