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Multiple Regression and Marketing-Mix Models
Venkatesan, Rajkumar; Gibbs, Shea Technical Note M-0855 / Published October 7, 2013 / 10 pages.
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Product Overview

In this technical note, the concept of regression using a single independent variable is first introduced and then some of the practical challenges associated with it, including multiple independent variables in a regression, are discussed. Particular attention is paid to bias in the regression coefficients in the presence of omitted variables. The concept of the economic significance of a model is introduced and is contrasted with statistical significance. At Darden, this note is used in the course elective "Big Data in Marketing."

Learning Objectives

?Understand single- and multiple-variable regression. ?Learn omitted-variable bias. ?Evaluate models based on their economic significance.

  • Overview

    In this technical note, the concept of regression using a single independent variable is first introduced and then some of the practical challenges associated with it, including multiple independent variables in a regression, are discussed. Particular attention is paid to bias in the regression coefficients in the presence of omitted variables. The concept of the economic significance of a model is introduced and is contrasted with statistical significance. At Darden, this note is used in the course elective "Big Data in Marketing."

  • Learning Objectives

    Learning Objectives

    ?Understand single- and multiple-variable regression. ?Learn omitted-variable bias. ?Evaluate models based on their economic significance.