Hi Sawtooth Community,
I would be very grateful if you could help me with the following special request:
BACKGROUND: I have a dataset from a CBC and added a few covariates to my analysis (all zero-centred as described in Orme & Howell 2009: Application of Covariates in Sawtooth)
to test their effect on the preference for the attributes and their levels according to following logic:
Beta x = Intercept x + Parameter x × Expression Covariate
I got the intercept value and values for each covariate, the results are quite interesting and insightful (being aware of the downside of adding too many covariates to a model).
GOAL: Being aware of the downsides of WTP calculations with CBC data, I still want to try to convert the utilities for the intercept value and covariates into monetary figures (according to the WTP logic in Omre, 2001 Assessing the Monetary Value of Attribute Levels with Conjoint Analysis: Warning and Suggestions).
THE QUESTION: If I calculate the value in EUR for one utility point for the intercept, can I use this EUR-value/utility point also for the calculation for the WTP for covariates or do I need to calculate an EUR-value per utility point for each covariate separately?
I hope I expressed my situation clearly enough to use the power of this awesome forum!
I am very curious about your answers/thoughts?
Many thanks in advance!