No image available for this title

Text

Marketing models and the Lucas critique

The ramifications of the Lucas critique for marketing models are discussed. This critique says that econometric models based on historical data are often unable to predict the reaction of economic agents to policy changes because these agents will adapt their decisions strategically based on the changed policy. Although this critique may be especially relevant for marketing modelers, it has hardly diffused in the marketing literature. Limited diffusion of the Lucas critique in marketing is especially deplorable if three conditions are satisfied: 1. it is applicable to the marketing setting at hand, 2. the consequences of ignoring it are severe, and 3. ways are available that can preclude, or at least attenuate, these consequences. The article investigates to what extent these three conditions apply in marketing research. It is hoped that marketing modelers become more aware of the Lucas critique; more motivated to test for it, as well as for other threats to validity, appropriately; and more capable of enriching their models..Printed Journal

Ketersediaan

Call NumberLocationAvailable
PSB lt.dasar - Pascasarjana1
Penerbit American Marketing Association.,
Edisi -
Subjek Econometrics
Research methodology
Models
Criticism
Market research
studies
Decision making models
ISBN/ISSN 222437
Klasifikasi -
Deskripsi Fisik -
Info Detail Spesifik -
Other Version/Related Tidak tersedia versi lain
Lampiran Berkas Tidak Ada Data