Are Results from Non‐hypothetical Choice‐based Conjoint Analyses and Non‐hypothetical Recoded‐ranking Conjoint Analyses Similar?

Conflicting findings have been found in previous research that compared choice‐based conjoint analysis and ranking conjoint analysis in a public good setting. The present paper revisits this issue for a private good in a non‐hypothetical context using small and large choice sets. Our results suggest that in a small choice set setting, participants' preferences and willingness to pay are similar across the two conjoint analysis formats. However, in large choice sets, a divergence between the two conjoint analysis formats emerges. Hence, the two conjoint analysis formats can only be used interchangeably in small choice sets, not in large choice sets.