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This paper presents a practical approach to estimate the substitution probabilities between products at a retail store by using the store's point of sale data and prospect theory based structural restrictions on the consumer choice behavior. The prospect theory based reference dependent...
Persistent link: https://www.econbiz.de/10012927813
This article presents a state-space representation known as parameters as states (PASTA) for linear market response models with time-varying parameters. The PASTA representation enables (a) conversion of the problem of estimating the time-varying effectiveness of marketing interventions from a...
Persistent link: https://www.econbiz.de/10012927823
Persistent link: https://www.econbiz.de/10011996972
Accurate estimates of the future demand and the substitution probabilities between products are important inputs for retail assortment optimization. However, these quantities are difficult to estimate as the estimation involves understanding and modeling of consumer’s choice behavior when a...
Persistent link: https://www.econbiz.de/10014033839