Endogeneity in Marketing Decision Models

Authors:
Steven M. Shugan
Affiliations:
-
Venue:
Marketing Science
Year:
2004

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Abstract

There are many critical concerns (including the accounting for endogeneity) when one is properly estimating response functions. However, it is sometimes (certainly not always) better to leave some variables exogenous when building mathematical models intended to help decision makers. The exogenous variables allow the decision maker to better adapt the mathematical model to different situations and to incorporate myriad variables and constraints outside of the model.