Dear Everyone,
I am writing my first question on finding ways for Hierarchical Bayesian estimation. I am using Choice Based conjoint studies in B2B marketing scenario where the number of participants is less than 20. The technical papers in Sawtooth library suggest a sample size of 300-500 for any statistical significance for estimating part worth utilities. However, in B2B marketing, I guess this is kinda difficult.
My questions are the following:
1) As I understand from the literature and technical papers, CBC replicates real market place situation where the respondents will be presented with real options. However, owing to the less number of participants, is CBC the correct approach to the task?
2) How do I go about performing Hierarchical Bayesian (HB) estimation to determine the individual part worth utilities for conjoint studies in SPSS or in R? Are there any videos which can be recommended for this? Any advise would be very much appreciated. The reason being, my University is not having Sawtooth license and the only license it has is for IBM SPSS.
Kind Regards,
Sujit Acharya