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Stochastic models of industrial buying behaviour

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  • Easton, G

Abstract

This paper presents one of the first attempts to develop stochastic models of industrial buying behaviour. The Beta-binomial model, used to model consumer purchase incidence, also works well for industrial consumers. Purchase size is shown to be lognormally distributed suggesting that something like a log random walk process may be operating. However it proved impossible to combine these two stochastic models analytically and a less rich model, the Markov reservoir, was shown to fit the data providing useful insights into the dynamics of industrial markets as well as suggesting areas for further research.

Suggested Citation

  • Easton, G, 1980. "Stochastic models of industrial buying behaviour," Omega, Elsevier, vol. 8(1), pages 63-69.
  • Handle: RePEc:eee:jomega:v:8:y:1980:i:1:p:63-69
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    Cited by:

    1. Ehrenberg, Andrew S. C. & Uncles, Mark D. & Goodhardt, Gerald J., 2004. "Understanding brand performance measures: using Dirichlet benchmarks," Journal of Business Research, Elsevier, vol. 57(12), pages 1307-1325, December.
    2. Peter S. Fader & Bruce G. S. Hardie & Jen Shang, 2010. "Customer-Base Analysis in a Discrete-Time Noncontractual Setting," Marketing Science, INFORMS, vol. 29(6), pages 1086-1108, 11-12.

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