Using Bayesian Methods in Business and Marketing
With Peter Lenk
Bayesian statistics provides a unifying theory that can be used in any situation, shifting the focus from how to estimate parameters to building models. Peter Lenk of the University of Michigan Stephen M. Ross School of Business researches Bayesian inference and its applications to economics and business, including consumer and market research. His view? When things go wrong, it’s because your model is inadequate.
In this video:
- The important lessons science classes lack.
- Why marketing academics resist new methods.
- How hierarchical Bayes methods improve marketing models.
- Predicting a new product launch.
- Teaching MBA students who work full-time to analyze customer data.