This month Michael Smith, Professor of Management (Econometrics), MBS, recommends Bayesian Statistics and Marketing, Peter E. Rossi, Greg M. Allenby, Rob McCulloch
The steady rise of quantitative analysis in modern business practice is documented in a number of books. But there have been few books that outline exactly what type of analysis is providing dividends in practice. Bayesian Statistics and Marketing is one book that fills such a gap.
Bayesian statistics is a type of analysis that allows for the flexible modelling of data in which there are important nuisances. Such nuisances are commonplace in the analysis of large integrated marketing databases, where consumer heterogeneity, complex choice processes and patterns to consumer demand are frequent features. This book outlines how to undertake Bayesian analysis in such circumstances. It provides a general outline of the principles of Bayesian analysis and the methods involved, followed by a list of marketing models where a Bayesian analysis is well-known to be the preferred approach. The book finishes with four marketing case studies, which can be used as templates in your own work. Software is also provided in the form of a package in the public domain R language.
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