Handbook of Marketing Analytics
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Handbook of Marketing Analytics

Methods and Applications in Marketing Management, Public Policy, and Litigation Support

Edited by Natalie Mizik and Dominique M. Hanssens

Marketing Science contributes significantly to the development and validation of analytical tools with a wide range of applications in business, public policy and litigation support. The Handbook of Marketing Analytics showcases the analytical methods used in marketing and their high-impact real-life applications. Fourteen chapters provide an overview of specific marketing analytic methods in some technical detail and 22 case studies present thorough examples of the use of each method in marketing management, public policy, and litigation support. All contributing authors are recognized authorities in their area of specialty.
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Chapter 8: Bayesian econometrics

Greg M. Allenby and Peter E. Rossi

Abstract

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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