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Bayesian Analysis of Stochastic Volatility Models
New techniques for the analysis of stochastic volatility models in which the logarithm of conditional variance follows an autoregressive model are developed. A cyclic Metropolis algorithm is used to
Bayesian Statistics and Marketing
The essence of the Bayesian approach is reviewed and why it is particularly useful for marketing problems, and the modularity and flexibility of modern Bayesian approaches are emphasized.
Plausibly Exogenous
Abstract Instrumental variable (IV) methods are widely used to identify causal effects in models with endogenous explanatory variables. Often the instrument exclusion restriction that underlies the
Optimal Taxation in Models of Endogenous Growth
We study the problem of optimal taxation in three infinite-horizon, representative-agent endogenous growth models. The first model is a convex model in which physical and human capital are perfectly
The Value of Purchase History Data in Target Marketing
An important aspect of marketing practice is the targeting of consumer segments for differential promotional activity. The premise of this activity is that there exist distinct segments of
Why Don't Prices Rise During Periods of Peak Demand? Evidence from Scanner Data
We examine retail and wholesale prices for a large supermarket chain over seven and one-half years. We find that prices fall on average during seasonal demand peaks for a product, largely due to
Do Switching Costs Make Markets Less Competitive?
The conventional wisdom in economic theory holds that switching costs make markets less competitive. This article challenges this claim. The authors formulate an empirically realistic model of