Template-Type: ReDIF-Paper 1.0
Author-Name: Bijwaard, G.E.
Author-Name-Last: Bijwaard
Author-Name-First: Govert
Author-Person: pbi2
Author-Name: Franses, Ph.H.B.F.
Author-Name-Last: Franses
Author-Name-First: Philip Hans
Author-Person: pfr226
Author-Name: Paap, R.
Author-Name-Last: Paap
Author-Name-First: Richard
Author-Person: ppa494
Title: Modeling purchases as repeated events
Abstract: We put forward a statistical model for interpurchase times that takes into account all the current and past information available for all purchases as time continues to run along the calendar timescale. It delivers forecasts for the number of purchases in the next period and for the timing of the first and consecutive purchases. Purchase occasions are modeled in terms of a counting process, which counts the recurrent purchases for each household as they evolve over time. We show that formulating the problem as a counting process has many advantages, both theoretically and empirically. We illustrate our model for yogurt purchases and we highlight its useful managerial implications.
Creation-Date: 2003-01-01
File-URL: https://repub.eur.nl/pub/1077/ei200345.pdf
File-Format: application/pdf
Series: RePEc:ems:eureir
Number: EI 2003-45
Keywords: Cox model, counting process, purchase timing, repeated events, unobserved heterogeneity
Handle: RePEc:ems:eureir:1077