Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In a conjoint study for evaluating preferences for a potential new high-speed commuter rail service between downtown Pittsburgh and Pittsburgh International Airport, the attributes and

In a conjoint study for evaluating preferences for a potential new high-speed commuter rail service between downtown Pittsburgh and Pittsburgh International Airport, the attributes and unscaled part-worths for the different levels are as follows:

(A) What is the relative importance weight of each attribute (so that they add up to 100%)? (6 points)

(B) Rescale the part-worths so that there are no negative part-worths and the rescaled part-worth of the least preferred level for each attribute is 0. Also, the highest part-worth of the most important attribute is 1.0 . (All other part-worths will then be between 0 and 1. (6 points)

Note that you do not need to solve one part before you can solve the other part. They can be solved independently

Attribute

Level

Unscaled Part-Worth

One-way ticket price

$5.00

0

$7.50

-12

$10.00

-20

One-way travel time

10 minutes

0

15 minutes

-8

20 minutes

-20

Frequency of service

Every 15 minutes

0

Every 20 minutes

-4

Every 25 minutes

-10

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1-30

Authors: John Price, M. David Haddock, Michael Farina

14th edition

978-1259284861, 1259284867, 77862392, 978-0077862398

More Books

Students also viewed these Accounting questions