Survival Analysis and Panel Regression

Marketing Analytics: Survival Analysis and Panel Regression
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Marketing Analytics: Survival Analysis and Panel Regression
In marketing, timing information is essential in predicting and maximizing the occurrence of purchasing, response, churning, and other events. Survival analysis and panel regression are some of the key-dependent variable techniques that answer the question of time.
Survival analysis, essentially invented in 1972 from biostatistics, is a technique designed specifically to model the time until an event occurs, such as purchases, responses, or churn. The technique is built on the assumption that each time period is independent of other time periods. Time is the dependent variable, and the observations are censored (Grigsby, 2018). Lifereg is the most suitable technique that can be used in the analysis of survival in marketing. SAS with proc lifereg is also considered a technique. The time until the event and whether the event has occurred or not allows for the application of censored observations that necessitate t...