Related Experiment Video
Updated: May 30, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Incorporating preference uncertainty in best worst scaling
Francisco J Areal1,2, Rubén Perez3
1Newcastle Business School, Northumbria University, Newcastle upon Tyne, United Kingdom.
Abstract:
In this paper, we enhance the Best-Worst Scaling (BWS) method by incorporating participants' preference uncertainty into the conventional BWS, known as case 1. In this context, respondents are tasked with making trade-offs among a set of items of interest. Applying this novel extended BWS method to a sample of Argentinian wine consumers (n = 342), we aim to a) provide a more informative elicitation of consumers' relative preferences for 16 wine attributes; b) identify the level of uncertainty with each of the attributes, exploring differences between the most and least important wine attributes influencing purchasing wine; and c) compare the results of the extended BWS with the standard BWS. Our findings indicate variability in uncertainty levels on the importance of wine attributes when purchasing wine within and across attributes. Moreover, accounting for participants' preference uncertainty can alter the ranking of preferences obtained through the standard approach. This alteration is due to both accounting for preference uncertainty itself as well as the uncertainty indicator used. Although this approach is a way to mitigate biases associated with respondents' preference certainty, it is recommended that preference uncertainty heterogeneity is investigated using different indicators.
More Related Videos
07:34Perceptual and Category Processing of the Uncanny Valley Hypothesis' Dimension of Human Likeness: Some Methodological Issues
Published on: June 3, 2013
09:07Experimental Research Examining How People Can Cope with Uncertainty Through Soft Haptic Sensations
Published on: September 16, 2015
Related Concept Videos
Testing a Claim about Standard Deviation
The hypothesis testing for the claim of population standard deviation (or variance) requires the data and samples to be random and unbiased. The population distribution also must be normal. There is no specific requirement on the sample size as the estimation is based on the chi-square distribution.
As a first step, the hypothesis (null and alternative) concerning the claim about...
Propagation of Uncertainty from Random Error
The Anchoring-and-Adjustment Heuristic
Decision Making: P-value Method
First, a specific claim about the population parameter is proposed. The claim is based on the research question and is stated in a simple form. Further, an opposing statement to the claim is also stated. These statements can act as null and alternative hypotheses: a null hypothesis would be a neutral statement while the alternative hypothesis can...
Uncertainty: Confidence Intervals
Propagation of Uncertainty from Systematic Error