Marketing researchers have used models of consumer demand to forecast future sales, to describe and test theories of behavior, and to measure the response to marketing interventions. The basic framework typically starts from microfoundations of expected utility theory to obtain an econometric...

Recent research has empirically characterized the buyer-seller relationship as dynamically evolving from one discrete state to another. Conventional wisdom would suggest that a customer in a higher relationship state that has a higher transaction value would also have greater lifetime value to...