The theme of this book is simple. The price, the number someone puts on a product to help consumers decide to buy that product, comes from data. Specifically, it comes from statistically modeling the data.
This book gives the reader the statistical modeling tools needed to get the number to put on a product. But statistical modeling is not done in a vacuum. Economic and statistical principles and theory conjointly provide the background and framework for the models. Therefore, this book emphasizes two interlocking components of modeling: economic theory and statistical principles.
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