I have what may be a contentious question, but I shall ask nevertheless. I am wondering if there is a best practice when it comes to establish a price per utile measure when using summed price with random variation in ACBC. I have constructed a study where numerous levels have prices attributed to them in the BYO section of the ACBC task as well as a base price.
A number of the levels have prices that exceed the base price while there are others that are less than it. Obviously as people trade-off price against features the will naturally find a price range that they feel is 'appropriate' or that they are willing to pay for a given bundle of attribute levels. However as is the nature of ACBC this will be quite heterogeneous across respondents, so the price range could be very wide.
When price is included as a factor with fixed levels in a study one of the ways of establishing a price per utile is to divide the change in price by the change in utility, but that is done so under the assumption that all respondents will see all the levels of the price attribute, but with summed price this isn't the case. Is there a good way of establishing a price per utile in the case of summed price?