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A Factor-Analytic Probit Model for Representing the Market Structure in Panel Data

Author

Listed:
  • Elrod, Terry
  • Keane, Michael

Abstract

Internal market structure analysis infers both brand attributes and consumer preferences for those attributes from preference or choice data. The authors exploit a new method for estimating probit models from panel data to infer market structures that can be displayed in few dimensions, even though the model can represent every possible vector of purchase probabilities.

Suggested Citation

  • Elrod, Terry & Keane, Michael, 1995. "A Factor-Analytic Probit Model for Representing the Market Structure in Panel Data," MPRA Paper 52434, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:52434
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    File URL: https://mpra.ub.uni-muenchen.de/52434/1/MPRA_paper_52434.pdf
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    References listed on IDEAS

    as
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    4. Keane, Michael P, 1994. "A Computationally Practical Simulation Estimator for Panel Data," Econometrica, Econometric Society, vol. 62(1), pages 95-116, January.
    5. David B. MacKay & Joseph L. Zinnes, 1986. "A Probabilistic Model for the Multidimensional Scaling of Proximity and Preference Data," Marketing Science, INFORMS, vol. 5(4), pages 325-344.
    6. McFadden, Daniel, 1989. "A Method of Simulated Moments for Estimation of Discrete Response Models without Numerical Integration," Econometrica, Econometric Society, vol. 57(5), pages 995-1026, September.
    7. Hamparsum Bozdogan, 1987. "Model selection and Akaike's Information Criterion (AIC): The general theory and its analytical extensions," Psychometrika, Springer;The Psychometric Society, vol. 52(3), pages 345-370, September.
    8. Joel Levine, 1979. "Joint-space analysis of “pick-any” data: Analysis of choices from an unconstrained set of alternatives," Psychometrika, Springer;The Psychometric Society, vol. 44(1), pages 85-92, March.
    9. Terry Elrod, 1988. "Choice Map: Inferring a Product-Market Map from Panel Data," Marketing Science, INFORMS, vol. 7(1), pages 21-40.
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    12. McCulloch, Robert & Rossi, Peter E., 1994. "An exact likelihood analysis of the multinomial probit model," Journal of Econometrics, Elsevier, vol. 64(1-2), pages 207-240.
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    15. Greg M. Allenby, 1989. "A Unified Approach to Identifying, Estimating and Testing Demand Structures with Aggregate Scanner Data," Marketing Science, INFORMS, vol. 8(3), pages 265-280.
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    More about this item

    Keywords

    Probit Model; Factor Analysis; Discrete Choice; Heterogeneity; Simulation based inference; Scanner data; Panel data;

    JEL classification:

    • C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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