Bayesian Analysis for the Evaluation of Marketing Research Expenditures: A Reassessment

Abstract

Several authors have suggested evaluation of marketing research information by Bayesian analysis. This suggestion is based on two assumptions: (1) the marketing manager is able to supply valid inputs for the analysis and (2) the essence of the evaluation problem can be captured in the Bayesian analysis framework. This note is a review of recent studies into behavioral decisionmaking that challenge these two assumptions.