HOW USEFUL IS CONTINGENT VALUATION OF THE ENVIRONMENT TO WATER SERVICES? EVIDENCE FROM SOUTH EAST, NIGERIA

Contingent Valuation Methods (CVM) Willingness To Pay (WTP) Tobit (censored) model Quasi-deregulation

Hospitality healthscapes: a conjoint analysis approach to understanding patient responses to hotel-like hospital rooms

In an increasingly competitive market, healthcare providers are incorporating best practices from the hospitality industry to improve the patient experience. The present study offers a model of hospitality healthscapes to provide a patient-based perspective of the infusion of hospitality into healthcare. A study of 406 respondents examined the hotel-like attributes that patients prefer in hospital rooms and the effect of their provision on patients’ well-being and willingness to pay higher out-of-pocket expenses. Using conjoint analysis and 3D visual representations of hospital rooms, the study found that high-end material finishes and hospitality-certified healthcare staff were the two greatest influences on patient choice. The study also found some differences between the preferences of “less healthy” and “more healthy” patients, with the less healthy patients willing to pay, on average, 13% higher out-of-pocket expenses for hotel-like hospital rooms than the more healthy patients. This study represents the first attempt in the evidence-based design literature to holistically and empirically examine the infusion of hospitality into healthcare by emphasizing the “patient as customer.” The findings have important marketing implications for healthcare providers who wish to enhance the patient experience

Psychological elements explaining the consumer's adoption and use of a website recommendation system: A theoretical framework proposal

The purpose of this paper is to understand, with an emphasis on the psychological perspective of the research problem, the consumer's adoption and use of a certain web site recommendation system as well as the main psychological outcomes involved. The approach takes the form of theoretical modelling. Findings: A conceptual model is proposed and discussed. A total of 20 research propositions are theoretically analyzed and justified. Research limitations/implications: The theoretical discussion developed here is not empirically validated. This represents an opportunity for future research. Practical implications: The ideas extracted from the discussion of the conceptual model should be a help for recommendation systems designers and web site managers, so that they may be more aware, when working with such systems, of the psychological process consumers undergo when interacting with them. In this regard, numerous practical reflections and suggestions are presented

Estimating Optimal Recommendation Set Sizes for Individual Consumers

Online consumers must burrow through vast piles of product information to find the best match to their preferences. This has boosted the popularity of recommendation agents promising to decrease consumers\u27 search costs. Most recent work has focused on refining methods to find the best products for a consumer. The question of how many of these products the consumer actually wants to see, however, is largely unanswered. This paper develops a novel procedure based on signal detection theory to estimate the number of recommendable products. We compare it to a utility exchange approach that has not been empirically examined so far. The signal detection approach showed very good predictive validity in two laboratory experiments, clearly outperforming the utility exchange approach. Our theoretical findings, supported by the experimental evidence, indicate conceptual inconsistencies in the utility exchange approach. Our research offers significant implications for both theory and practice of modeling consumer choice behavior

A Low-Effort Recommendation System with High Accuracy - A New Approach with Ranked Pareto-Fronts

In recent studies on recommendation systems, the choice-based conjoint analysis has been suggested as a method for measuring consumer preferences. This approach achieves high recommendation accuracy and does not suffer from the start-up problem because it is also applicable for recommendations for new consumers or of new products. However, this method requires massive consumer input, which causes consumer reluctance. In a simulation study, we demonstrate the high accuracy, but also the high user’s effort for using a utility-based recommendation system using a choice-based conjoint analysiswith hierarchical Bayes estimation. In order to reduce the conflict between consumer effort and recommendation accuracy, we develop a novel approach that only shows Paretoefficient alternatives and ranks them according to the number of dominated attributes. We demonstrate that, in terms of the decision accuracy of the recommended products, the ranked Pareto-front approach performs better than a recommendation system that employs choice-based conjoint analysis. Furthermore, the consumer’s effort is kept low and comparable to that of simple systems that require little consumer input

Some Aspects of the Economics of Catastrophe Risk Insurance

The ability to share risk efficiently in the economy is essential to welfare and growth. However, the increased frequency of natural catastrophes over the last decade has raised once again questions associated to the limits of insurability in a free-market economy, and to the relevance of public interventions on risk-sharing markets. In this paper, we explore the potential reasons for the lack of insurance specifically associated to catastrophe environmental risks. Our final aim is to link each source of possible market inefficiency to its possible remedies.

Economism and its Limits

Articl