Tracing advertising effects: footprints in the figures
Michael von Gonten's model of advertising effects uses individual household buying behaviour. He argues here that using anything else gives results that are largely irrelevant
Michael von Gonten
There is a wise story about an article written by a group of government economists. The article dealt with a regression model that accurately predicted milk production based on causal variables which were economic in nature - interest rates, farm profitability and income, inflation rate, costs of new equipment, and so on.
The article was warmly received in the academic community until a farm-raised critic...