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Tuesday, February 11, 2014

Modeling Vehicle Choice and Simulating Market Share with Bayesian Networks

Via Stefan Conrady of Bayesia: Modeling Vehicle Choice and Simulating Market Share with Bayesian Networks    Useful example of the technical application of Bayesian. Downloadable overview whitepaper.   See also their latest newsletter.

" ... We present a new method and the associated workflow for estimating market shares of future products based exclusively on pre-introduction data, such as syndicated studies conducted prior to product launch. Our approach provides a highly practical, fast and economical alternative to conducting new primary research.

With Bayesian networks as the framework, and by employing the BayesiaLab and Bayesia Market Simulator software packages, this approach helps market researchers and product planners to reliably perform market share simulations on their desktop computers, which would have been entirely inconceivable in the past. ... "

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