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Experimental Markets for Product Concepts

dc.date.accessioned2004-10-20T21:03:35Z
dc.date.accessioned2018-11-24T10:23:27Z
dc.date.available2004-10-20T21:03:35Z
dc.date.available2018-11-24T10:23:27Z
dc.date.issued2001-07-01en_US
dc.identifier.urihttp://hdl.handle.net/1721.1/7233
dc.identifier.urihttp://repository.aust.edu.ng/xmlui/handle/1721.1/7233
dc.description.abstractMarket prices are well known to efficiently collect and aggregate diverse information regarding the value of commodities and assets. The role of markets has been particularly suitable to pricing financial securities. This article provides an alternative application of the pricing mechanism to marketing research - using pseudo-securities markets to measure preferences over new product concepts. Surveys, focus groups, concept tests and conjoint studies are methods traditionally used to measure individual and aggregate preferences. Unfortunately, these methods can be biased, costly and time-consuming to conduct. The present research is motivated by the desire to efficiently measure preferences and more accurately predict new product success, based on the efficiency and incentive-compatibility of security trading markets. The article describes a novel market research method, pro-vides insight into why the method should work, and compares the results of several trading experiments against other methodologies such as concept testing and conjoint analysis.en_US
dc.format.extent3069806 bytes
dc.format.extent287156 bytes
dc.language.isoen_US
dc.subjectAIen_US
dc.titleExperimental Markets for Product Conceptsen_US


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