Methods and Applications in Marketing Management, Public Policy, and Litigation Support
Edited by Natalie Mizik and Dominique M. Hanssens
Bayesian econometric methods are particularly well suited for analysis of marketing data. Bayes theorem provides exact, small-sample inference within a flexible framework for assessing particular parameters and functions of parameters. We first review the basics of Bayesian analysis and examine three areas where Bayesian methods have contributed to marketing analytics – models of choice, heterogeneity, and decision theory. We conclude with a discussion of limitations and common errors in the application of Bayes theorem to marketing analytics.
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