Phillip E. Pfeifer

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This paper is about how to use data from a random sample of customer relationships to calculate an appropriate average Customer Lifetime Value (CLV). When the sample contains only completed relationships, the simple unweighted average is appropriate. When the sample contains a mix of active and completed relationships, the lifetimes of the active(More)
The concept of customer lifetime value (CLV) is widely used by marketing practitioners and academics in making decisions about customer acquisition and retention spending. The traditional view of CLV, however, assumes that the firm has the unlimited capacity to serve all its acquired and retained customers. In this paper we consider a firm with limited(More)
The concept of the lifetime value of a customer is well established in the theory and practice of database marketing. The lifetime value of a customer, defined to be the expected present value of the net cash flows from the firm's relationship with the customer over his or her lifetime, is often used as an upper limit on spending to acquire the customer. If(More)
This paper examines the prediction contests as a vehicle for aggregating the opinions of a crowd of experts. After proposing a general definition distinguishing prediction contests from other mechanisms for harnessing the wisdom of crowds, we examine two common types of prediction contests. For both point forecasting contests and pick-the-winners contests,(More)