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Bayesian estimation of random-coefficients choice models using aggregate data

✍ Scribed by Andrés Musalem; Eric T. Bradlow; Jagmohan S. Raju

Publisher
John Wiley and Sons
Year
2009
Tongue
English
Weight
286 KB
Volume
24
Category
Article
ISSN
0883-7252

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✦ Synopsis

Abstract

This article discusses the use of Bayesian methods for estimating logit demand models using aggregate data. We analyze two different demand systems: independent samples and consumer panel. Under the first system, there is a different and independent random sample of N consumers in each period and each consumer makes only a single purchase decision. Under the second system, the same N consumers make a purchase decision in each of T periods. Interestingly, there exists an asymptotic link between these two systems, which has important implications for the estimation of these demand models. The proposed methods are illustrated using simulated and real data. Copyright © 2009 John Wiley & Sons, Ltd.

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