The Measure of Economic Re-Evaluation: A Coefficient Based on Conjoint Analysis

During the last 40 years conjoint analysis has been used to solve a wide variety of concerns in market research. Recently, a number of studies have begun to use conjoint analysis for the economic valuation of non-market goods. This paper discusses how to extend the conjoint analysis area of application by introducing a coefficient to measure economic re-evaluation on the basis of utility scores and the relative importances of attributes provided by conjoint analysis. We utilise the suggested coefficient for the economic valuation of a typical non-market good, such as a worldwide cultural event, to reveal the trade offs between its attributes in terms of revenue variation. Our findings indicate the most valuable change to be made to the existing status quo to generate economic surplus