Abstract
Binary response models are often applied in empirical marketing research where, for example, individuals or households can be classified as buyers and nonbuyers of certain products or as respondents and nonrespondents to direct mailing. One way to evaluate such models amounts to calculating the fraction of correctly classified cases, that is, the hit rate. This paper brings to the attention a simple test for the statistical significance of this hit rate. An application to a binary brand choice case serves as an illustration.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
