Bayesian Statistics and Marketing - (Wiley Probability and Statistics) 2nd Edition by Peter E Rossi & Greg M Allenby & Sanjog Misra (Hardcover)

About the Book

"Bayesian statistics can help to provide unique insights into important issues in many fields. Bayesian statistics is not new, but traditionally it has not been widely taught as it is computationally challenging and there were criticisms surrounding the subjectivity of Bayesian methods. As computing power has increased, computational and modelling breakthroughs have made the implementation of Bayesian methods ideal for addressing many marketing problems. Bayesian analyses can now be conducted over a wide range of marketing problems, from new product introduction and pricing to customized targeting and micro-pricing in online environments, using a wide range of different data sources."--

From the Back Cover

Fine-tune your marketing research with this cutting-edge statistical toolkit

Bayesian Statistics and Marketing illustrates the potential for applying a Bayesian approach to some of the most challenging and important problems in marketing. Analyzing household and consumer data, predicting product performance, and custom-targeting campaigns are only a few of the areas in which Bayesian approaches promise revolutionary results. This book provides a comprehensive, accessible overview of this subject essential for any statistically informed marketing researcher or practitioner.

Economists and other social scientists will find a comprehensive treatment of many Bayesian methods that are central to the problems in social science more generally. This includes a practical approach to computationally challenging problems in random coefficient models, non-parametrics, and the problems of endogeneity.

Readers of the second edition of Bayesian Statistics and Marketing will also find:

• Discussion of Bayesian methods in text analysis and Machine Learning
• Updates throughout reflecting the latest research and applications
• Discussion of modern statistical software, including an introduction to the R package bayesm, which implements all models incorporated here
• Extensive case studies throughout to link theory and practice

Bayesian Statistics and Marketing is ideal for advanced students and researchers in marketing, business, and economics departments, as well as for any statistically savvy marketing practitioner.

About the Author

Peter Rossi is James Collins Distinguished University Professor of Marketing, Economics, and Statistics at the Anderson School of Management, UCLA, USA. He is the author of the popular R package, bayesm, and he has researched and published extensively on pricing and promotion, target marketing, and other related subjects.

Greg Allenby is Helen C. Kurtz Professor of Marketing as well as Professor of Statistics at the Fisher College of Business, Ohio State University, USA. He is a Fellow of the Informs Society for Marketing Science and the American Statistical Association, and he has published widely on the development and application of quantitative methods in marketing.

Sanjog Misra is Charles H. Kellstadt Professor of Marketing in the Booth School of Business, University of Chicago, USA. He has served as the co-editor of numerous high-impact journals, including Quantiative Marketing and Economics, and his research focuses on the use of machine learning and deep learning to study consumer and firm decisions.