Conclusion
In this article, we reviewed existing empirical studies applying metric conjoint analysis as an empirical method and presented an exemplary study using this method. Metric conjoint analysis is a ‘‘technique that requires respondents to make a series of judgments based on a set of attributes (cues) from which the underlying structure of their cognitive system can be investigated’’ (Shepherd & Zacharakis, 1997: 211). Compared to post hoc methods, such as questionnaires and surveys, this method has the advantage of examining the content of a decision-making process through a decision that respondents are actually making and thus of capturing ‘theory-in-use’. However, researchers have to deal with certain limitations of this method. The limited external validity of this method in particular has been mentioned in the literature (Shepherd & Zacharakis, 1997). Any metric conjoint experiment, therefore, has to be grounded in theory and heavily pilot tested. The literature review showed that the use of metric conjoint analysis has increased in recent years. The methodology is primarily used in entrepreneurship research, but other areas are increasingly adopting the technique as well. The resource-based view is most often used as a theoretical basis for studies using metric conjoint analysis, indicating that this method is relatively well suited for general management research. The literature review, further, provided valuable reference points for future research.
