Dear Sawtooth Support-Team,
I would like to calculate the WTP of my CBC participants for 5 products with certain attribute levels. I know, that the calculation is controversial, but I want to try it.
It's about wines and I have the attributes price (with levels: 2, 5, 8, 11, 14, 17, and 20 €), quality in points (with levels: 76, 81, 86, 91, 96) and grape (with levels: A, B, C, D, E).
I got how I can calculate the price value of an utility point:
The range between my price levels is 18€ and e.g. the utility range for respondent 1 for price is 166,21. Hence, I get approximately 0,10€ per utility point for this respondent.
But how can I calculate the WTP for this respondent for a wine with 76 quality points and grape A, for example? I read other questions about WTP estimation in the forum, but it was mainly about calculating a monetary value for the change from one attribute to another. And as I said, I want to calculate the WTP for 5 products with fixed attribute levels.
Is it possible to multiply the €-value per utility point (0,10€) with the respective utility values of the levels (76 quality points and grape A) and sum them up?
So if 76 quality points have an utility of -58,68 and the grape A 2,47 it would be: -58,68 x 0,10€ + 2,47 x 0,10€ = -5,62€
Thank you for your help in advance.
Best regards,
Mary