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We propose prior probability models for variance-covariance matrices in order to address two important issues. First, the models allow a researcher to represent substantive prior information about the strength of correlations among a set of variables. Secondly even in the absence of such information, the increased flexibility of the models mitigates(More)
1 The authors would like to thank the SEI Center for Advanced Studies in Management at Wharton for partially supporting this research and for supporting the 7 th Triennial Choice Conference held at the Wharton School. The first two authors (session co-chairs) and the third to twelfth authors are listed alphabetically. Abstract We identify gaps and propose(More)
Clickstream data provides information about the sequence of pages or the path viewed by users as they navigate a web site. We show how path information can be categorized and modeled using a dynamic multinomial probit model of web browsing. We estimate this model using data from a major online bookseller. Our results show that the memory component of the(More)
We develop a statistical model of browsing behavior by predicting the number of web pages, in a particular category, that are viewed by a user in a single web session. The purpose of this analysis is to better understand web browsing behavior, and to help predict which sessions are likely to result in retail visits. A single record in our database consists(More)
Slice sampling provides an easily implemented method for constructing a Markov chain Monte Carlo (MCMC) algorithm. However, slice sampling has two major drawbacks: (i) it requires repeated evaluation of likelihoods for each update, which can make it impractical when evaluations are expensive or as the number of evaluations grows (geometrically) with the(More)
We present a single-pass, low-storage, sequential method for estimating an arbitrary quantile of an unknown distribution. The proposed method performs very well when compared to existing methods for estimating the median as well as arbitrary quantiles for a wide range of densities. In addition to explaining the method and presenting the results of the(More)