Advanced Methods for Modeling Markets PDF
Preview Advanced Methods for Modeling Markets
International Series in Quantitative Marketing Peter S.H. Leefl ang Jaap E. Wieringa Tammo H.A. Bijmolt Koen H. Pauwels Editors Advanced Methods for Modeling Markets International Series in Quantitative Marketing SeriesEditor JehoshuaEliashberg TheWhartonSchool UniversityofPennsylvania Philadelphia,PA,USA Moreinformationaboutthisseriesathttp://www.springer.com/series/6164 Peter S. H. Leeflang • Jaap E. Wieringa Tammo H. A. Bijmolt • Koen H. Pauwels Editors Advanced Methods for Modeling Markets 123 Editors PeterS.H.Leeflang JaapE.Wieringa DepartmentofMarketing DepartmentofMarketing UniversityofGroningen UniversityofGroningen Groningen,TheNetherlands Groningen,TheNetherlands AstonBusinessSchool KoenH.Pauwels Birmingham,UK DepartmentofMarketing D’Amore-McKimSchoolofBusiness TammoH.A.Bijmolt NortheasternUniversity DepartmentofMarketing Boston,USA UniversityofGroningen Groningen,TheNetherlands BINorwegianBusinessSchool Oslo,Norway ISSN0923-6716 ISSN2199-1057 (electronic) InternationalSeriesinQuantitativeMarketing ISBN978-3-319-53467-1 ISBN978-3-319-53469-5 (eBook) DOI10.1007/978-3-319-53469-5 LibraryofCongressControlNumber:2017944728 ©SpringerInternationalPublishingAG2017 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof thematerialisconcerned,specificallytherightsoftranslation,reprinting,reuseofillustrations,recitation, broadcasting,reproductiononmicrofilmsorinanyotherphysicalway,andtransmissionorinformation storageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilarmethodology nowknownorhereafterdeveloped. Theuseofgeneraldescriptivenames,registerednames,trademarks,servicemarks,etc.inthispublication doesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfromtherelevant protectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthisbook arebelievedtobetrueandaccurateatthedateofpublication.Neitherthepublishernortheauthorsor theeditorsgiveawarranty,expressorimplied,withrespecttothematerialcontainedhereinorforany errorsoromissionsthatmayhavebeenmade.Thepublisherremainsneutralwithregardtojurisdictional claimsinpublishedmapsandinstitutionalaffiliations. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland Preface In2015,wepublishedourbookModelingMarkets(MM).InMM,weprovidethe basics of modeling markets along with the classical steps of the model building process:specification, data collection, estimation, validation,and implementation. We spend much attention to models of the aggregate demand, the individual demand,andwegiveexamplesofdatabasemarketingmodels.Thetableofcontents and the subject index of MM can be found at the end of this volume. However, in MM, we did notcovera numberof advancedmethodsthatare used to specify, estimate,andvalidatemarketingmodels.Suchmethodsare coveredinthe present volume:AdvancedMethodsforModelingMarkets(AMMM). MMisparticularlysuitableforstudentsincoursessuchas“modelsinmarketing” and“quantitativeanalysisinmarketing”atthegraduateandadvancedundergraduate level.AMMMisdirectedtowardparticipantsofPh.D.coursesandresearchersinthe marketingsciencediscipline. InAMMM,weconsider—afteranintroduction(PartI)—thefollowingtopics: • Modelsforadvancedanalysis(PartII): (Advanced)individualdemandmodels Timeseriesanalysis Statespacemodels Spatialmodels Structuralmodels Mediation Modelsthatspecifycompetition Diffusionmodels Inaddition,wepresentmodelswithlatentvariables,includingtheestimation methodsthattheyrequire(PartIII): • Specificationandestimationmodelswithlatentvariables: Structuralequationmodels Partialleastsquares Mixturemodels HiddenMarkovmodels v vi Preface Inthepartthatdealswithspecificestimationmethodsandissues,wediscuss (PartIV): • Generalizedmethodsofmoments • Bayesiananalysis • Non-/semi-parametricestimation • Endogeneityissues Inthefinaltwochaptersofthisbook(PartV),wegiveanoutlooktothefuture ofmodelingmarkets,wherewespendexplicitattentiontomachinelearningmodels andbigdata. EachchapterofAMMMcontainsthefollowingelements: • Anintroductiontothemethod/methodology • Anumericalexample/applicationinmarketing • Referencestoothermarketingapplications • Suggestionsaboutsoftware We, as editors, would like to thank the 24 authors (affiliated to universities in eightdifferentcountries)whocontributedtothisbook.OurcolleagueinGroningen Peter C. Verhoef came up with the idea to make this book an edited volume and invite authors to contribute their expertise. We thank him for this great idea. We thank the authors for their contributions and cooperation. The four editors contributedtochaptersbutalsoreviewedthechaptersincooperationwithanumber ofotherreviewers,namelyKeyvanDehmamy,MaartenGijsenberg,HansRisselada, and Tom Wansbeek, who are all affiliated to the University of Groningen, the Netherlands. We owe much to Linda Grondsma and Jasper Hidding who helped ustremendouslyingettingthechaptersorganized. Groningen,TheNetherlands PeterS.H.Leeflang Groningen,TheNetherlands JaapE.Wieringa Groningen,TheNetherlands TammoH.A.Bijmolt Boston,USA KoenH.Pauwels June2017 Contents PartI Introduction 1 AdvancedMethodsforModelingMarkets(AMMM).................. 3 PeterS.H.Leeflang,JaapE.Wieringa,TammoH.A.Bijmolt, andKoenH.Pauwels PartII Specification 2 AdvancedIndividualDemandModels................................... 31 DennisFok 3 TraditionalTime-SeriesModels........................................... 87 KoenH.Pauwels 4 Modern(Multiple)TimeSeriesModels:TheDynamicSystem ....... 115 KoenH.Pauwels 5 StateSpaceModels......................................................... 149 ErnstC.Osinga 6 SpatialModels .............................................................. 173 J.PaulElhorst 7 StructuralModels .......................................................... 203 PauloAlbuquerqueandBartJ.Bronnenberg 8 MediationAnalysis:InferringCausalProcessesinMarketing fromExperiments .......................................................... 235 RikPieters 9 ModelingCompetitiveResponsivenessandGameTheoretic Models ....................................................................... 265 PeterS.H.Leeflang 10 DiffusionandAdoptionModels........................................... 299 PeterS.H.LeeflangandJaapE.Wieringa vii viii Contents PartIII ModelingwithLatentVariables 11 StructuralEquationModeling............................................ 335 HansBaumgartnerandBertWeijters 12 PartialLeastSquaresPathModeling .................................... 361 JörgHenseler 13 MixtureModels............................................................. 383 JeroenK.VermuntandLeoJ.Paas 14 HiddenMarkovModelsinMarketing ................................... 405 OdedNetzer,PeterEbbes,andTammoH.A.Bijmolt PartIV EstimationIssues 15 GeneralizedMethodofMoments......................................... 453 TomJ.Wansbeek 16 BayesianAnalysis........................................................... 493 EleaMcDonnellFeit,FredM.Feinberg,andPeterJ.Lenk 17 Non-andSemiparametricRegressionModels .......................... 555 HaraldJ.Van Heerde 18 AddressingEndogeneityinMarketingModels.......................... 581 DominikPapies,PeterEbbes,andHaraldJ.Van Heerde PartV ExpectedDevelopments 19 MachineLearningandBigData.......................................... 631 RaoulV.Kübler,JaapE.Wieringa,andKoenH.Pauwels 20 TheFutureofMarketingModeling ...................................... 671 KoenH.Pauwels,PeterS.H. Leeflang,TammoH.A.Bijmolt, andJaapE.Wieringa AuthorIndex...................................................................... 685 SubjectIndex..................................................................... 703 AbouttheAuthors ............................................................... 709 Appendix.......................................................................... 723 TableofcontentsfromModelingMarkets SubjectIndexfromModelingMarkets Contributors PauloAlbuquerque Faculty of Marketing, INSEAD Fontainebleau, Fontaine- bleau,France HansBaumgartner Department of Marketing, Smeal College of Business, The PennsylvaniaStateUniversity,UniversityPark,PA,USA Tammo H.A.Bijmolt Department of Marketing, Faculty of Economics and Business,UniversityofGroningen,Groningen,TheNetherlands Bart J.Bronnenberg Department of Marketing, Tilburg School of Economics andMarketing,TilburgUniversity,Tilburg,TheNetherlands PeterEbbes DepartmentofMarketing,HECParis,Jouy-en-Josas,France J. PaulElhorst DepartmentofEconomics,EconometricsandFinance,University ofGroningen,Groningen,TheNetherlands Fred M.Feinberg RossSchoolofBusiness,UniversityofMichigan,AnnArbor, MI,USA Elea McDonnellFeit LeBow College of Business, Drexel University, Philadel- phia,PA,USA DennisFok EconometricInstitute, ErasmusSchoolof Economics,ErasmusUni- versityRotterdam,Rotterdam,TheNetherlands Harald J.VanHeerde Department of Marketing, School of Communication, JournalismandMarketing,MasseyUniversity,Auckland,NewZealand JörgHenseler DepartmentofDesign,ProductionandManagement,Universityof Twente,Enschede,TheNetherlands Raoul V.Kübler DepartmentofMarketing,Özyeg˘inUniversity,Istanbul,Turkey Peter S.H.Leeflang DepartmentofMarketing,FacultyofEconomicsandBusi- ness, University of Groningen, Groningen, The Netherlands and Aston Business School,Birmingham,UK ix x Contributors Peter J.Lenk RossSchoolofBusiness,UniversityofMichigan,AnnArbor,MI, USA OdedNetzer Columbia Business School, Columbia University, New York, NY, USA Ernst C.Osinga Lee Kong Chian School of Business, Singapore Management University,Singapore,Singapore Leo J.Paas DepartmentofMarketing,SchoolofCommunication,Journalismand Marketing,MasseyUniversity,Auckland,NewZealand DominikPapies School of Business and Economics, University of Tübingen, Tübingen,Germany Koen H.Pauwels Department of Marketing, Northeastern University, Boston, USAandBINorwegianBusinessSchool,Oslo,Norway RikPieters DepartmentofMarketing,TilburgSchoolofEconomicsandMarket- ing,TilburgUniversity,Tilburg,TheNetherlands Jeroen K.Vermunt Department of Methodology and Statistics, Tilburg Univer- sity,Tilburg,TheNetherlands Tom J.Wansbeek DepartmentofEconomics,EconometricsandFinance,Faculty ofEconomicsandBusiness,UniversityofGroningen,Groningen,TheNetherlands BertWeijters Department of Personnel Management, Work and Organizational Psychology,GhentUniversity,Ghent,Belgium Jaap E.Wieringa DepartmentofMarketing,FacultyofEconomicsandBusiness, UniversityofGroningen,Groningen,TheNetherlands
The list of books you might like
