PETER E. ROSSI
Date of Birth: November 25, 1955
Citizenship: United States
Anderson School of Management
110 Westwood Plaza, B5.15
Los Angeles, CA 90095
B.A., 1976, Oberlin College (Mathematics and History).
M.B.A., 1980, Graduate School of Business, The University of Chicago
Ph.D., 1984, Graduate School of Business, The University of Chicago (Econometrics).
Dissertation Title: "Specification and Analysis of Econometric Production Models."
Fellowships, Honors, and Grants
Phi Beta Kappa Zeta of Ohio, elected 1975.
University of Chicago Fellowship, 1978-1980.
G.M. Fellowship, University of Chicago, 1980-1981.
Kellogg Research Chair, Northwestern University, 1983-84.
NSF grant, SES-8510193, "Comparison of Non-nested Production Models," 1985-1987.
1987 Savage Prize for best dissertation in Bayesian Econometrics and Statistics
I. B. M. Scholar, Graduate School of Business, University of Chicago, 1988-89.
Bozell, Jacobs, Kenyon and Eckhardt Faculty Scholar, Graduate School of Business, University of Chicago, 1994-95.
Elected Fellow, American Statistical Association, June 1998.
1999 Mitchell Prize for Best Applications Paper in Bayesian Statistics,
for "Estimating Price Elasticities with Theory-based Priors (with A. Montgomery),"
awarded by American Statistical Association, Bayesian Statistics Section.
2000 Arthur Kelly Faculty Price, GSB, U of Chicago, (awarded bi-annually for service to school).
"Bayesian Analysis of Stochastic Volatility Models" named one of most influential articles
in twentieth anniversary issue of Journal of Business and Economic Statistics (2002).
Named Fellow, Journal of Econometrics, 2001.
2010 Long-term Impact Award, Marketing Science Society (with Greg Allenby).
2016 Dean's Prize for Exceptional Faculty Mentorship of PhD Students.
Areas of Research Interest
Marketing: Brand Choice, Target Marketing, Price Promotions, Consumer Heterogeneity, Couponing, Search Theory, Direct Marketing
Econometrics: Hypothesis testing in systems of equations, non-nested hypothesis-testing procedures, Bayesian methods, limited dependent variable models, non-parametric time series methods.
Microeconomics: demand analysis applied to individual consumer expenditure data.
Analyst, Abt Associates Inc., 1976-1977.
Consultant, SRI International Inc., 1978.
Research Assistant, University of Chicago, 1979-1981.
Lecturer in Managerial Economics, Kellogg Graduate School of Management, Northwestern University, 1981-1983.
Assistant Professor of Managerial Economics, Kellogg Graduate School of Management, Northwestern University, 1983- 86.
Visiting Assistant Professor of Econometrics and Statistics, Graduate School of Business, The University of Chicago, 1985-1986.
Assistant Professor of Econometrics and Statistics, Graduate School of Business, The University of Chicago, 1986- 1990.
Associate Professor of Econometrics and Statistics, Graduate School of Business, The University of Chicago, 1990- 1994.
Professor of Marketing, Econometrics and Statistics, Graduate School of Business, University of Chicago, 1994- 1997.
Joseph T. and Bernice S. Lewis Professor of Marketing and Statistics, Booth School of Business, University of Chicago, 1997- 2010.
James Collins Professor of Marketing, Statistics, and Economics, Anderson School of Management, UCLA, 2010-present.
Consultant for RFG Options, Harris Bank, Hull Trading, GE Capital, Ernst and Young, KPMG Peat Marwick, Abbott Labs, Department of Defense, Booz Allen and Hamilton, Arthur Andersen, Kestnbaum and Company, Oliver, Wyman and Co.
Expert Witness for various legal proceedings involving statistical analysis, survey sampling, marketing and pricing, anti-trust, valuation of lost personal and business income, franchise rights, patent and trademark infringement, bio-statistics and job discrimination, and trademark infringement. Law firms involved include: Ross and Hardies, Rudnick and Wolfe, Seyfarth and Shaw, Sidley and Austin, Winston and Strawn, Arnold, White and Durkee, Hinshaw and Culbertson, Kirkland and Ellis, Cravath, Swaine and Moore, Mayer, Brown and Platt, Howrey, Bryan Cave LLP, Jones Day, Latham and Watkins, WilmerHale.
Publications: (click on links below to open full article in pdf)
Google Scholar Cites: 14,577, H-index: 46 as of 12/16.
Note: All articles are the sole copyright of the respective publishers. Materials are provided for educational use only.
Modelling Stock Market Volatility: Bridging the Gap to Continuous Time (1996), San Diego: Academic Press (editor).
Bayesian Statistics and Marketing, with G. Allenby and R. McCulloch (2005), John Wiley & Sons, Probability and Statistics Series.
Bayesian Semi-Parametric and Non-Parametric Methods in Marketing and Micro-Econometrics (2014), Princeton University Press.
"When BDT in Marketing Meant Bayesian Decision Theory: The Influence of Paul Green's Research," with E. Bradlow, P. Lenk, and G. Allenby (2004), in Marketing Research and modeling: Progress and Prospects, A Tribute to Paul Green, Y. Wind and P.E. Green (eds.), p. 17-39, Kluwer Academic Press.
"Hierarchial Bayes Models: A Practitioner's Guide," with G. Allenby (2006), in The Handbook of Marketing Research, R. Grover and M.Vriens (eds.), Sage Publications.
"Choice Models in Marketing: Economic Assumptions, Challenges and Trends," with S. Chandukala, J. Kim, T. Otter, and G. Allenby (2009), Foundations and Trends in Marketing, Vol 2, No. 2, 97-184. Now Publishers.
"Bayesian Applications in Marketing" with G. Allenby (2011) in Handbook of Bayesian Econometrics (Geweke, Koop, and Van Dijk eds), Chapter 8, pp. 390-438, Oxford: Oxford University Press.
"Bayesian Econometrics" (forthcoming) with G. Allenby in Handbook of Marketing Analytics: Methods and Applications in Marketing Management, Public Policy, and Litigation Support, N. Mizik and D. Hanssens, eds, Edward Elgar Publishing.
"Causal Inference in Marketing Applications" (forthcoming) in Handbook of Marketing Analytics: Methods and Applications in Marketing Management, Public Policy, and Litigation Support, N. Mizik and D. Hanssens, eds, Edward Elgar Publishing.
"Feature Valuation Using Equilibrium Analysis," (forthcoming) with J. R. Howell and G. Allenby in Handbook of Marketing Analytics: Methods and Applications in Marketing Management, Public Policy, and Litigation Support, N. Mizik and D. Hanssens, eds, Edward Elgar Publishing.
"Economic Models of Choice," (forthcoming) with G. Allenby and J. Kim in Handbook of Marketing Decision Models, B. Wierenga and R. Lands, eds, Springer.
"Income and Wealth Effects on Private-Label Demand: Evidence from the Great Recession" with G. Hitsch and JP Dube (2016), Marketing Science, forthcoming.
"Economic Valuation of Product Features" with G. Allenby, J. Howell, and J. Brazell (2014), Quantitative Marketing and Economics 12, 4, 421-456.
"All Roads Lead to Arnold" (2014), Econometric Reviews 33, 1-4, 421-423.
"Even the Rich Can Make Themselves Poor: a critical examination of the use of IV methods in marketing" (2014), Marketing Science, Vol. 33, No. 5, 655-672.
"Valuation of Patented Product Features" with G. Allenby, J. Howell, and J. Brazell (2014), Journal of Law and Economics, 57, 629-663.
"Plausibly Exogenous" with T. Conley and C. Hansen (2012), Review of Economics and Statistics, 94, pp. 260-272.
"State Dependence and Alternative Explanations for Consumer Inertia," with J.P. Dubé and G. J. Hitsch (2010), RAND Journal of Economics, Vol 41, No. 3, pp. 417-445.
"A Model for Trade-Up and Change in Considered Brands,” with G. M. Allenby and M. J. Garratt (2010), Marketing Science, Vol. 29, No. 1, January-February, pp. 40-56.
"Do Switching Costs Make Markets Less Competitive?” and "Commentaries and Rejoinder to Shin and Sudhir and to Cabral" with G. J. Hitsch and J. P. Dubé (2009), Journal of Marketing Research, Vol. XLVI, August.
"Both Network Effects and Quality are Important", Journal of Marketing Research, (2009).
"Bayesian Analysis of Random Coefficient Logit Models Using Aggregate Data," with R. Jiang and P. Manchanda (2009), Journal of Econometrics, Vol.149, April, pp. 136-148.
"Teaching Bayesian Statistics to Marketing and Business Students," with G. Allenby (2008), The American Statistician, August, Vol. 62, No. 3, 195-198.
“A Semi-Parametric Bayesian Approach to the Instrumental Variable Problem,” with T. Conley, C. Hansen and R. McCulloch, Journal of Econometrics, 144 (2008) 276–305.
"Category Pricing with State Dependent Utility," with J. P. Dubé, G. J. Hitsch, and M. Vitorino (2008), Marketing Science, Vol. 27, No. 3, May–June, pp. 417–429.
"Product Attributes and Models of Multiple Discreteness," with J. Kim and G. Allenby (2007), Journal of Econometrics, 138, pp. 208-230.
"Structural Modeling in Marketing: Review and Assessment," with P. Chintagunta, T. Erdem and M. Wedel (2006), Marketing Science, Vol. 25, No. 6, November–December, 581-605.
"A Direct Approach to Data Fusion," with Z. Gilula and R. McCulloch (2006), Journal of Marketing Research, Vol. XLIII, February, 73-83.
"Structural Modeling and Policy Simulation," with B.Bronnenberg and N.Vilcassim (2005), Journal of Marketing Research, Vol. XLII, February, 22–26.
"The HB Revolution," with G. Allenby and D. Bakken, (2004), Marketing Research, Summer, 20-25.
"Response Modeling with Non-random Marketing Mix Variables,” with P. Chintagunta and P. Manchanda (2004), Journal of Marketing Research, Vol. XLI, November, 467–478.
"The Role of Retail Competition and Retail Strategy as Drivers of Promotional Sensitivity," with P. Boatwright and S. Dhar, (2004), Quantitative Marketing and Economics, 2, 169–190.
"Bayesian analysis of stochastic volatility models with fat-tails and correlated errors," with E. Jacquier and N. Polson (2004), Journal of Econometrics, 122, 185-212 .
"Bayesian Statistics and Marketing"with G. Allenby (2003), Marketing Science, 22, Summer, 304-329.
"Why Don't Prices Rise During Periods of Peak Demand?" with J. Chevalier and A. Kashyap (2003), AER, 93(1), 15-37.
"Modeling Consumer Demand for Variety," with G. Allenby and J. Kim (2002), Marketing Science, 21, Summer, 229-250.
"Overcoming Scale Usage Heterogeneity: a Bayesian Hierarchical Approach," with G. Allenby and Z. Gilula (2001), Journal of the American Statistical Association 96, 20-31
"Bayesian Analysis of the Multinomial Probit Model with Fully Identified Parameters," with R. McCulloch (2000), Journal of Econometrics, 99, 173-193.
"Statistics and Marketing," with G. Allenby (2000), Journal of the American Statistical Association, 65, 635-638.
"Bayesian Analysis of Multinomial Probit Model," (2000), Simulation-Based Inference in Econometrics, (Mariano, Weeks and Schuermann, eds), Cambridge: Cambridge University (with Rob McCulloch).
"Making Sense of Scanner Data," with P. Delurgio and D. Kantor (2000), Harvard Business Review, March-April, 24.
"Account-Level Modeling for Trade Promotion: An Application of a Constrained Parameter Hierarchical Model" with P. Boatwright and R. McCulloch (1999), JASA , 94, December, 1063-1073.
"Estimating Price Elasticities with Theory-Based Priors," with A. Montgomery (1999), Journal of Marketing Research 36, 413-423.
"Marketing Models of Consumer Heterogeneity" with G. Allenby (1999), Journal of Econometrics, 89, 57-78.
"Similarities in Choice Behavior Across Product Categories" with A. Ainslie (1998), Marketing Science, 17, 2, 91-106.
"On the Taxation of Capital Income,"(1997), Journal of Economic Theory, 73, 93-117(with L. Jones and R. Manuelli).
"The Value of Purchase History Data in Target Marketing," (1996), Marketing Science, 15, 4, 321-340 (with G. Allenby and R. McCulloch).
"Bayes Factors for Testing the Equality of Covariance Matrix Eigenvalues", Modelling and Prediction (1996), W. Johnson (ed), New York: Springer, 305-314.
"Existence of Bayes Estimators for the Binomial Logit Model,"(1996), D. Berry, K. Chaloner, and J. Geweke (eds), Bayesian Statistics and Econometrics: Essays in Honor of Arnold Zellner , New York: John Wiley and Sons, 91-100.
"Modelling the Distribution of Price Sensitivity and Implications for Optimal Retail Pricing," with B. Kim and R. Blattberg (1995), Journal of Business and Economics Statistics, 13, 291-304.
"Hierarchical Modelling of Consumer Heterogeneity: An Application to Target Marketing,"(1995), Case Studies in Bayesian Statistics, Kass and Singpurwalla (eds), New York: Springer Verlag., 323-350.
"Determinants of Store-level Price Elasticity," with S. Hoch, B. Kim and A. Montgomery (1995), Journal of Marketing Research, 32, 17-29.
"Advances in Random Utility Models," with Joel Horowitz, et al (1994), Marketing Letters (1994), 5, 311-322.
"Bayesian Analysis of Stochastic Volatility Models," with N. Polson and E. Jacquier (1994), Journal of Business and Economic Statistics, 12 , 371-418.
"Purchase Frequency, Sample Selection and Price Sensitivity," with B. Kim (1994), Marketing Letters (1994), 5, 57-68.
"An Exact Likelihood Analysis of the Multinomial Probit Model," with R. McCulloch (1994), Journal of Econometrics, 64, 207-240.
"A Marginal-Predictive Approach to Estimating Household Parameters," with G. Allenby (1993), Marketing Letters, 4, 227-239.
"Nonlinear Dynamic Structures," with A. R. Gallant and G. Tauchen (1993), Econometrica 61, 871-908.
"Optimal Taxation in Models of Endogenous Growth," with L. Jones and R. Manuelli (1993), Journal of Political Economy, 485-517.
"A Bayesian Approach to Estimating Household Parameters," with G. Allenby (1993), Journal of Marketing Research, XXX, 171-182.
"Bayes Factors for Nonlinear Hypotheses and Likelihood Distributions," with R. McCulloch (1992), Biometrika 79, 4, 663-676.
"Stock Prices and Volume," with A. R. Gallant and G. Tauchen (1992), Review of Financial Studies, 5, 199-242.
"Quality Perceptions and Asymmetric Switching Between Brands" (with G. Allenby), Marketing Science 10 (1991), 185-204.
"Posterior, Predictive, and Utility-Based Approaches to Testing the Arbitrage Pricing Theory," (with R. McCulloch), Journal of Financial Economics 28 (1991), 7-38
"A Bayesian Approach to Testing the Arbitrage Pricing Theory," (with R. McCulloch), Journal of Econometrics 49 (1991), 141-168.
"There is No Aggregation Bias: Why Macro Logit Models Work," (with G. Allenby) Journal of Business and Economic Statistics 9 (1991), 2-14.
"Econometric Theory Interview with Arnold Zellner," Econometric Theory 5 (1989), 287-317.
"Comparison of Dynamic Factor Demand Models," in Austin Symposia in Economics: Dynamic Econometric Models (1987), Cambridge: Cambridge University Press.
"Discussion: 'Statistical Properties of Generalized Method of Moments Estimates Using Financial Market Data'," Journal of Business and Economic Statistics 4 (1986), 417-419.
"Evaluating the Methodology of Social Experiments," in The Income Maintenance Experiments edited by J. Peckman, Boston: Federal Reserve Bank of Boston (with A. Zellner).
"Comparison of Functional Forms in Production," Journal of Econometrics 30 (1985) 345-361.
"Bayesian Analysis of Dichotomous Quantal Response Models,"with A. Zellner (1984), Journal of Econometrics, 25, 365-394.
"Asymptotic Search Behavior Based on the Weibull Distribution," Economics Letters 3 (1979), 211-213.
"The Cost of Search and Rational Random Behavior," (1979), Economics Letters, 3, 5-8.
"The Independence Transformation of Specific Substitutes and Specific Complements," (1979), Economics Letters, 2, 299-301.
"Body Time and Social Time: Mood Patterns by Menstrual Cycle Phase and Day of the Week" with A. S. Rossi (1977), Social Science Research, 6, 273-308.
Working Papers are available on SSRN
PhD Students (year)
Eric Gyhsels (84), Professor of Economics, University of North Carolina
Greg Allenby (88), Kurtz Professor of Marketing, Ohio State University
Eric Jacquier (91), Associate Professor of Finance, HEC Montreal
Byung-Do Kim (92), Professor of Marketing, Seoul National University
Alan Montgomery (94), Associate Professor of Marketing, CMU
Peter Boatwright (98), Associate Professor of Marketing, CMU
Andrew Ainslie (98), Associate Professor of Marketing, UCLA
Renna Jiang (09), Assistant Professor of Marketing, UC Davis
Associate Editor, Journal of Business and Economic Statistics (1986- 1988)
Associate Editor, Journal of Econometrics, 1987 - 1995.
Member, Editorial Board Marketing Science, 1994 -2003.
Member, Editorial Board, Journal of Marketing Research, 1998- .
Associate Editor, Journal of American Statistical Association (applications section), 1995 – 2001.
Founding Editor (with Rajiv Lal), Quantitative Marketing and Economics, 2000-2010.
Senior Editor, Marketing Science, 2015- .
Chair, Business and Economics Section, American Statistical Association, 1995.
Seminar Leader, NBER/NSF Seminar on Bayesian Inference in Econometrics, 1995-1998.
Member, Savage Award Committee, ASA, 1995-2000.
Member, Advanced Research Forum Program Committee, AMA, 2000-2003
Referee for Econometrica, Journal of Econometrics, Journal of Political Economy, Journal of the American Statistical Association, American Statistician, Econometric Theory, Journal of Applied Econometrics, Journal of Business, Marketing Science, Review of Financial Studies, Review of Economics and Statistics, Management Science, Journal of Marketing Research,Journal of the Royal Statistical Society.
Anderson/UCLA Service Activities
Vice-Chair, FEC (faculty policy committee advisory to Dean), 2013-2014.
Chair, Staffing Committee, 2012-13.
Chair, MFE Review Committee, 2012.
Chicago Booth Service Activities
Director, Strategic Marketing Management (short course exec ed program), 96-09.
Chair, Deans Reappointment Committee, 05.
Elected member, Dean’s Search Committee, 96.
Elected member, Dean’s Policy Committee, 96-09.
Chair of Recruiting, Marketing Group, 96-00, 01-03, 05-09.
Course Scheduler, Marketing Group, 96- 00.
Founder, Kilts Center for Marketing