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Fall 2007
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Gary Russell
Department of Marketing
University of Iowa
"Predicting Product Purchase from Inferred Customer Similarity: An Autologistic Model Approach"
3:00 Refreshments in 241 Schaeffer Hall
3:30 Talk in 140 Schaeffer Hall
Product recommendation models are key tools in customer relationship management (CRM). This study develops a product recommendation model based upon the principle that customer preference similarity stemming from prior purchase behavior is a key element in predicting current product purchase. The proposed recommendation model is dependent upon two complementary methodologies: joint space mapping (placing customers and products on the same psychometric map) and spatial choice modeling (allowing observed choices to be correlated across customers). Using a joint space map based upon past purchase behavior, an autologistic regression model is calibrated in which the probability of product purchase depends upon the customer's relative distance to other customers on the map. An empirical study demonstrates that the proposed approach provides excellent forecasts relative to benchmark models for a customer database provided by an insurance firm.
 complete paper
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All talks are free and open to the public.
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The 37th Annual Craig Lectures will be on October 11 and 12. Our speaker this year is Nancy Reid from the University of Toronto.
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Spring 2007 |
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