How often should a firm modify its products? A Bayesian analysis of automobile modification cycles

Volume: 28, Issue: 1, Pages: 85 - 97
Published: Mar 1, 2017
Abstract
In this paper, we develop and estimate a series of Bayesian generalized gamma family and mixture family models of product modification timing that take into account both firm- and industry-specific effects that are time varying. Our models are capable of capturing non-standard modification behavior such as multi-modality and non-monotonicity in the hazard rates motivated by real data. Additionally, we explore the existence of latent groups with...
Paper Details
Title
How often should a firm modify its products? A Bayesian analysis of automobile modification cycles
Published Date
Mar 1, 2017
Volume
28
Issue
1
Pages
85 - 97
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