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Comparing alternatives to account for unobserved heterogeneity in direct marketing models

Schröder, Nadine ; Hruschka, Harald



Abstract

We are dealing with mailing decisions of a direct marketing company and focus on assessing three alternative approaches to model unobserved heterogeneity, which are based on finite mixtures, continuous mixtures, and a mixture of Dirichlet processes (MDP), respectively. Models are estimated by Markov Chain Monte Carlo (MCMC) simulation. Based on Pseudo Bayes factors (PsBF), we find that a finite ...

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