JSM 2005 Online Program

Abstract #303932

This is the preliminary program for the 2005 Joint Statistical Meetings in Minneapolis, Minnesota. Currently included in this program is the "technical" program, schedule of invited, topic contributed, regular contributed and poster sessions; Continuing Education courses (August 7-10, 2005); and Committee and Business Meetings. This on-line program will be updated frequently to reflect the most current revisions.

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Activity Number:	327
Type:	Contributed
Date/Time:	Tuesday, August 9, 2005 : 2:00 PM to 3:50 PM
Sponsor:	Section on Statistics and Marketing
Abstract - #303932
Title:	Ordinal Regressions in Price Sensitivity Modeling
Author(s):	Stan Lipovetsky*+ and Michael Conklin
Companies:	GfK Custom Research, Inc. and GfK Custom Research, Inc.
Address:	8401 Golden Valley Rd, Minneapolis, MN, 55427, United States
Keywords:	price sensitivity ; van Westendorp ; Gabor-Granger ; ordinal logistic regression ; marketing research
Abstract:	Price sensitivity van Westendorp and Gabor-Granger models are used widely in marketing research for concept and product pricing as descriptive statistics. To extend these techniques, we try Markov stochastic model as Chapman-Kolmogorov differential equations and their nonlinear generalization. We reduce this approach to ordinal logistic regressions that serve as an excellent approximation of the data in the van Westendorp and Gabor-Granger heuristic models. This approach produces a theoretical estimation of prices, their confidence intervals, elasticity, maximum response reach, and maximum revenue. Ordinal regression modeling significantly improves and facilitates price sensitivity analysis in application to product innovations and other marketing research problems.

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