Abstract
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.
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