This book is about how models can be developed to represent demand and
supply on markets, where the emphasis is on demand models. Its primary
focus is on models that can be used by managers to support marketing
decisions.***
Modeling Markets* presents a comprehensive overview of the tools and
methodologies that managers can use in decision making. It has long been
known that even simple models outperform judgments in predicting
outcomes in a wide variety of contexts. More complex models potentially
provide insights about structural relations not available from casual
observations.
In this book, the authors present a wealth of insights developed at the
forefront of the field, covering all key aspects of specification,
estimation, validation and use of models. The most current insights and
innovations in quantitative marketing are presented, including in-depth
discussion of Bayesian estimation methods. Throughout the book, the
authors provide examples and illustrations. This book will be of
interest to researchers, analysts, managers and students who want to
understand, develop or use models of marketing phenomena.