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Studies in Consumer Demand — Econometric Methods Applied to Market Data

Studies in Consumer Demand — Econometric Methods Applied to Market Data
Author: Jeffrey A. Dubin
Publisher: Springer Science & Business Media
Total Pages: 306
Release: 2012-12-06
Genre: Business & Economics
ISBN: 1461556651

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Studies in Consumer Demand - Econometric Methods Applied to Market Data contains eight previously unpublished studies of consumer demand. Each study stands on its own as a complete econometric analysis of demand for a well-defined consumer product. The econometric methods range from simple regression techniques applied in the first four chapters, to the use of logit and multinomial logit models used in chapters 5 and 6, to the use of nested logit models in chapters 6 and 7, and finally to the discrete/continuous modeling methods used in chapter 8. Emphasis is on applications rather than econometric theory. In each case, enough detail is provided for the reader to understand the purpose of the analysis, the availability and suitability of data, and the econometric approach to measuring demand.


Microeconometric Models of Consumer Demand

Microeconometric Models of Consumer Demand
Author: Jean-Pierre H. Dubé
Publisher:
Total Pages: 0
Release: 2018
Genre:
ISBN:

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A long literature has developed econometric methods for estimating individual-consumer-level demand systems that accommodate corner solutions. The increasing access to transaction-level customer purchase histories across a wide array of markets and industries vastly expands the prospect for improved customer insight, more targeted marketing policies and individualized welfare analysis. A descriptive analysis of a broad, CPG database indicates that most consumer brand categories offer a wide variety of differentiated offerings for consumers. However, consumers typically purchase only a limited scope of the available variety, leading to a very high incidence of corner solutions which poses computational challenges for demand modeling. Historically, these computational challenges have limited the applicability of microeconometric models of demand in practice, except for the special case of pure discrete choice (e.g., logit and probit). Recent advances in computing power along with methods for numerical and simulation-based integration have been instrumental in facilitating the broader use of these models in practice. We survey herein the extant literature on the neoclassical derivation of microeconometric demand models that allow for corner solutions and differentiated products. We summarize the key developments in the literature, including the role of consumers' price expectations, and point towards opportunities for future research.


Consumer Demand in the United States

Consumer Demand in the United States
Author: Lester D. Taylor
Publisher: Springer Science & Business Media
Total Pages: 530
Release: 2009-11-25
Genre: Business & Economics
ISBN: 1441905103

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A classic treatise that defined the field of applied demand analysis, Consumer Demand in the United States: Prices, Income, and Consumption Behavior is now fully updated and expanded for a new generation. Consumption expenditures by households in the United States account for about 70% of America’s GDP. The primary focus in this book is on how households adjust these expenditures in response to changes in price and income. Econometric estimates of price and income elasticities are obtained for an exhaustive array of goods and services using data from surveys conducted by the Bureau of Labor Statistics and aggregate consumption expenditures from the National Income and Product Accounts, providing a better understanding of consumer demand. Practical models for forecasting future price and income elasticities are also demonstrated. Fully revised with over a dozen new chapters and appendices, the book revisits the original Houthakker-Taylor models while examining new material as well, such as the use of quantile regression and the stationarity of consumer preference. It also explores the emerging connection between neuroscience and consumer behavior, integrating the economic literature on demand theory with psychology literature. The most comprehensive treatment of the topic to date, this volume will be an essential resource for any researcher, student or professional economist working on consumer behavior or demand theory, as well as investors and policymakers concerned with the impact of economic fluctuations.


Applied Econometric Analysis: Emerging Research and Opportunities

Applied Econometric Analysis: Emerging Research and Opportunities
Author: Sloboda, Brian W.
Publisher: IGI Global
Total Pages: 264
Release: 2020-06-01
Genre: Business & Economics
ISBN: 179981095X

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Professionals are constantly searching for competitive solutions to help determine current and future economic tendencies. Econometrics uses statistical methods and real-world data to predict and establish specific trends within business and finance. This analytical method sustains limitless potential, but the necessary research for professionals to understand and implement this approach is lacking. Applied Econometric Analysis: Emerging Research and Opportunities explores the theoretical and practical aspects of detailed econometric theories and applications within economics, political science, public policy, business, and finance. Featuring coverage on a broad range of topics such as cointegration, machine learning, and time series analysis, this book is ideally designed for economists, policymakers, financial analysts, marketers, researchers, academicians, and graduate students seeking research on the various techniques of econometric concepts.


Demand Analysis

Demand Analysis
Author: Herman Wold
Publisher:
Total Pages: 358
Release: 1964
Genre: Econometrics
ISBN:

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Market Response Models

Market Response Models
Author: Dominique M. Hanssens
Publisher: Springer Science & Business Media
Total Pages: 524
Release: 2003-01-31
Genre: Business & Economics
ISBN: 9781402073687

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This second edition of Market Response Models: -places much more emphasis on the basic building blocks of market response modeling: markets, data, and sales drivers, through a separate chapter. -splits the design of response models into separate chapters on static and dynamic models. -discusses techniques and findings spawned by the marketing information revolution, e.g., scanner data. -emphasizes new insights available on marketing sales drivers, especially improved understanding of sales promotion. -demonstrates methodological developments to assess long-term impacts, where present, of current marketing efforts. -includes a new chapter on sales forecasting. -adds mini-case histories in the form of boxed inserts entitled Industry Perspectives, which are primarily written by business executives. This book is truly the foundation of market response modeling.


The History Of Marketing Science

The History Of Marketing Science
Author: Russell S Winer
Publisher: World Scientific
Total Pages: 529
Release: 2014-06-27
Genre: Business & Economics
ISBN: 9814596493

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The field of marketing science has a rich history of modeling marketing phenomena using the disciplines of economics, statistics, operations research, and other related fields. Since it is roughly 50 years from its origins, The History of Marketing Science is a timely review of the accomplishments of marketing scientists in a number of research areas.Different research areas of marketing science, such as Pricing, Internet Marketing, Diffusion Models, and Advertising, are treated to a highly readable and easy-to-digest historical analysis by the contributing authors. Each chapter provides a chronological timeline of key historical developments in the area of marketing science covered. Readers of other disciplinary backgrounds outside of economics, statistics, and operations research will be more than able to appreciate the development of marketing science as a field of research and its pioneers through the book.


Econometrics and the Philosophy of Economics

Econometrics and the Philosophy of Economics
Author: Bernt P. Stigum
Publisher: Princeton University Press
Total Pages: 794
Release: 2015-12-29
Genre: Business & Economics
ISBN: 0691168245

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As most econometricians will readily agree, the data used in applied econometrics seldom provide accurate measurements for the pertinent theory's variables. Here, Bernt Stigum offers the first systematic and theoretically sound way of accounting for such inaccuracies. He and a distinguished group of contributors bridge econometrics and the philosophy of economics--two topics that seem worlds apart. They ask: How is a science of economics possible? The answer is elusive. Economic theory seems to be about abstract ideas or, it might be said, about toys in a toy community. How can a researcher with such tools learn anything about the social reality in which he or she lives? This book shows that an econometrician with the proper understanding of economic theory and the right kind of questions can gain knowledge about characteristic features of the social world. It addresses varied topics in both classical and Bayesian econometrics, offering ample evidence that its answer to the fundamental question is sound. The first book to comprehensively explore economic theory and econometrics simultaneously, Econometrics and the Philosophy of Economics represents an authoritative account of contemporary economic methodology. About a third of the chapters are authored or coauthored by Heather Anderson, Erik Biørn, Christophe Bontemps, Jeffrey A. Dubin, Harald E. Goldstein, Clive W.J. Granger, David F. Hendry, Herman Ruge-Jervell, Dale W. Jorgenson, Hans-Martin Krolzig, Nils Lid Hjort, Daniel L. McFadden, Grayham E. Mizon, Tore Schweder, Geir Storvik, and Herman K. van Dijk.