A simple method for making ranking‐based conjoint analysis incentive compatible is proposed. The incentive compatible mechanism involves people purchasing a product profile with a probability proportional to its assigned rank. In an empirical application related to consumer preferences for beef attributes, we find that the forecasted market share for a new pasture‐raised steak obtained using incentive‐compatible rankings was significantly greater than that implied from traditional hypothetical conjoint rankings. People's rankings of ground beef products were not affected by the mechanism or by information about pasture‐raised beef.
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Lusk et al. (2008) studied this question.
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