Do Ranks Suffice? A Comparison of Alternative Weighting Approaches in Value Elicitation

Abstract

We compared both attribute weights and overall evaluations for students′ preferences among apartments described to them in terms of nine independent attributes. Methods used for eliciting attribute weights were (a) 7-point scales; (b) value hierarchy; (c) swing weights; and two methods using importance rankings only: (d) rank order centroid and (e) rank sum weights. Multiple linear regression was also used to infer attribute weights. Test–retest reliability of overall evaluations was found to be modest. Evaluation models based on all five weight elicitation methods were superior to an equal weights model, with rank order centroid weights modestly superior to other methods.