Correcting for CBC Model Bias: A Hybrid Scanner Data - Conjoint Model

نویسندگان

  • Martin Natter
  • Markus Feurstein
چکیده

Choice-Based Conjoint (CBC) models are often used for pricing decisions, especially when scanner data models cannot be applied. Up to date, it is unclear how Choice-Based Conjoint (CBC) models perform in terms of forecasting real-world shop data. In this contribution, we measure the performance of a Latent Class CBC model not by means of an experimental holdout sample but via aggregate scanner data. We find that the CBC model does not accurately predict real-world market shares, thus leading to wrong pricing decisions. In order to improve its forecasting performance, we propose a correction scheme based on scanner data. Our empirical analysis shows that the hybrid method improves the performance measures considerably.

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تاریخ انتشار 2001