Vanhonacker, Wilfried R.
January 1990
Marketing Science;Winter90, Vol. 9 Issue 1, p54
Academic Journal
This article presents comments of the author on the article "On Bayesian Estimation of Model Parameters," by Peter J. Lenk and Ambar G. Rao, professors at University of Michigan and New York University respectively. The purpose of this comment is to (a) position the contribution in a broader framework of Bayesian approaches to the problem, (b) highlight a key assumption of Hierarchical Bayes (HB), and (c) provide some directions for further research on this important problem. The author states that the Bayesian estimation procedures have received limited attention in the marketing science community despite the fact that it is typically used in prior information building, estimating, testing, and using models. The author is of the opinion that the research conducted by Lenk and Rao re-emphasizes the importance and appropriateness of the Bayesian approach to solving marketing problems. It has helped to obtain reliable and valid forecasts of the diffusion process of product innovations early into their market cycle. He states that the introduction to HB procedures and their usefulness in early forecasting is timely and appropriate.


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