Simon, Lydia; Adler, Jost - In: Journal of Business Economics 92 (2021) 4, pp. 707-733
The Pareto/NBD model is one of the best-known models in customer base analysis. Extant literature has brought up three different Markov Chain Monte Carlo (MCMC) procedures for parameter estimation of this model. Nevertheless, three main research gaps remain. Firstly, the issue of hyper parameter...