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| Author: | Huber, J. Train, K. |
| Title: | On the Similarity of Classical and Bayesian Estimates of Individual Mean Partworths |
| Journal: | Marketing Letters
2001 : AUG, VOL. 12:3, p. 259-269 |
| Index terms: | BAYESIAN STATISTICS CUSTOMERS ESTIMATION |
| Language: | eng |
| Abstract: | In marketing, hierarchical Bayes models have taken the lead in combining information about the aggregate distribution of tastes with the individual's choices to arrive at a conditional estimate of the individual's parameters. In economics, the same behavioral model has been derived from a classical rather than a Bayesian perspective. This paper explores the similarities and differences between classical and Bayesian methods and shows that they result in virtually equivalent conditional estimates of partworths for customers. Thus, the choice between Bayesian and classical estimation becomes one of implementation convenience and philosophical orientation, rather than pragmatic usefulness. |
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