Hi everyone,
I am currently setting up an ACBC with summed pricing. I tested the design with 500 test respondents (which is approximately what I also expect for the actual data collection) to check level counts and standard errors.
The relation of my base price (150€) to the average price (287,5€) is 52,2%. I vary prices from 30% above to 30% below summed price.
During the first test run, level counts and standard errors of all attribute levels were fine, while the standard error for price was above 0,05 (0,0755). Subsequently, I tried some adaptions to the design and was able to reduce the standard error for price, but it is still above 0,05 (0,0684).
Is this acceptable or should I reduce it to below 0,05 before starting the data collection?
Also, the second test showed me that for three test respondents of 500 one of the summed pricing levels appeared only once. Is that fine or a problem?
Thanks in advance!
Michael