Bayesian Statistics and Marketing

Peter E. Rossi, Greg M. Allenby, Robert McCulloch

Research output: Book/ReportBook

465 Citations (Scopus)

Abstract

The past decade has seen a dramatic increase in the use of Bayesian methods in marketing due, in part, to computational and modelling breakthroughs, making its implementation ideal for many marketing problems. Bayesian analyses can now be conducted over a wide range of marketing problems, from new product introduction to pricing, and with a wide variety of different data sources. Bayesian Statistics and Marketing describes the basic advantages of the Bayesian approach, detailing the nature of the computational revolution. Examples contained include household and consumer panel data on product purchases and survey data, demand models based on micro-economic theory and random effect models used to pool data among respondents. The book also discusses the theory and practical use of MCMC methods. Written by the leading experts in the field, this unique book: Presents a unified treatment of Bayesian methods in marketing, with common notation and algorithms for estimating the models. Provides a self-contained introduction to Bayesian methods. Includes case studies drawn from the authors' recent research to illustrate how Bayesian methods can be extended to apply to many important marketing problems. Is accompanied by an R package, bayesm, which implements all of the models and methods in the book and includes many datasets. In addition the book's website hosts datasets and R code for the case studies.

Original languageEnglish (US)
Publisherwiley
Number of pages348
ISBN (Electronic)9780470863695
ISBN (Print)0470863676, 9780470863671
DOIs
StatePublished - Oct 13 2006
Externally publishedYes

Fingerprint

Bayesian Statistics
Bayesian Methods
MCMC Methods
Random Effects Model
Panel Data
Survey Data
Bayesian Approach
Notation
Pricing
Marketing
Economics
Model-based
Modeling
Model
Range of data

ASJC Scopus subject areas

  • Mathematics(all)

Cite this

Bayesian Statistics and Marketing. / Rossi, Peter E.; Allenby, Greg M.; McCulloch, Robert.

wiley, 2006. 348 p.

Research output: Book/ReportBook

Rossi, Peter E. ; Allenby, Greg M. ; McCulloch, Robert. / Bayesian Statistics and Marketing. wiley, 2006. 348 p.
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