Genetic Algorithms for product design: how well do they really work?

Recently, Balakrishnan and Jacob (1996) have proposed the use of Genetic Algorithms (GA) to solve the problem of identifying an optimal single new product using conjoint data.
  

Genetic Algorithms For Product Design:

How well do they really work?

Winfried SteinerandHarald Hruschka University of Regensburg

Introduction

Designing and pricing new products[1]is one of the most critical activities for a firm. In this context, conjoint analysis (Green and Rao 1971) has been used extensively in marketing research to measure the impact of product attributes on consumer preferences for products. The high commercial usage of conjoint analysis for new product/concept identification has been documented in the surveys of Cattin and Wittink (1982) and Wittink and Cattin (1989) for the US market, and by...

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