Introduction
In recent years, customer equity (CE) has emerged in the marketing area as a key metric of Customer Relationship Management (CRM) performance. Some studies (Berger et al., 2006; Gupta et al., 2004; Rust, Lemon, & Zeithaml, 2004; Srivastava et al., 1998; Wiesel & Skiera, 2005) have focused on CE as a comprehensive tool for measuring and managing marketing success. Blattberg and Deighton (1996) defined CE as the total discounted customer lifetime values (CLVs) summed over all of the firm's customers. The notion of CLV has been well accepted by both researchers and business practitioners. Gupta et al. (2006) defined...