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| Author: | Rossi, P.E. Allenby, G.M. |
| Title: | Bayesian statistics and marketing |
| Journal: | Marketing Science
2003 : SUMMER, VOL. 22:3, p. 304-328 |
| Index terms: | Bayesian statistics Methodology Decision theory Marketing Models |
| Language: | eng |
| Abstract: | Bayesian methods have become widespread in marketing literature. This article reviews the essence of the Bayesian approach and explains why it is particularly useful for marketing problems. Recent developments in computational methods and expanded availability of detailed marketplace data has fueled the growth in application of Bayesian methods in marketing. This paper emphasizes the modularity and flexibility of modern Bayesian approaches. The paper includes an extensive discussion of open issues and directions for future research. |
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