A Survey-Based Procedure For Measuring Uncertainty Or Heterogeneous Preferences In Markets

Topics:
Marketing Strategy
Tags:
Business Operations,
Harvard College,
Marketing,
Marketing Research,
Preference,
Research & Development,
Survey
Source:
President and Fellows of Harvard College

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Overview: This paper shows how surveys can be used to generate a measure of the amount of information and/or heterogeneity of preferences within a market. This measure can be employed as a regressor in empirical work where variance in the dependent variable (e.g., auction prices, retail price dispersion, or investment choices in stocks, R&D, or education) might be explained by uncertainty about the value of the item being sold or the returns to investment choice and/or heterogeneous preferences in the market. The effects of incomplete information and heterogeneous preferences are usually relegated to the error term, which: Confounds these effects with other drivers of the error term; and could lead to heteroskedasticity at best or omitted variable bias at worst.

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Format: PDF | Size: 438KB | Date: Apr 2005 | Pages: 24

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