Consumers use the price of a brand both as a signal for product quality and as a monetary constraint when choosing a brand. Consequently, price has two distinct roles whenever consumers evaluate a product, i.e., an informational (signal) role and an allocative (constraint) role. These two roles are conceptually distinct, yet measuring them becomes con-founded due to the difficulties of empirically isolating their distinct effects. In practice, only the total effect of price is estimated, particularly by using conjoint analysis. The three main objectives of our research are: (1) to present a new methodology in a choice-based conjoint setting that is designed to isolate and estimate separate effects of price. A segment level analysis and an individual level analysis are conducted using latent class and hierarchical Bayes procedures to account for respondents’ heterogeneity; (2) to quantify the different effects of price by calculating price elasticities for each effect; and (3) to test the validity of the proposed methodology in an empirical setting within the scope of a large representative sample.