SALISBURY, MD---Everything old is new again, even in the competitive world of business management, as readers of Dr. Eugene Hahn and Dr. Jonathan Doh’s article in Bayesian statistical methods, published in Strategic Management Journal, recently discovered.
Hahn, faculty in the Information and Decision Sciences Department of SU’s Franklin P. Perdue School of Business, co-authored the article with Doh, of Villanova University, highlighting the full realization of 18th century Bayesian statistical methods using 21st century technology.
“In the article we describe how Bayesian statistical methods can provide a useful set of tools for examining important research issues in the management strategy field,” said Hahn. “Bayesian statistical methods are not new. In fact, they were published in 1763 by a Presbyterian minister, the Reverend Thomas Bayes.”
“However, it is only with 21st-century computers that the full potential of his ideas has been realized. In the article we discuss how Bayesian methods assist in overcoming challenges in empirical work such as inference given small sample sizes, missing data, and asymmetric distributions. We also show how Bayesian methods allow more complex and realistic statistical models to be constructed to more directly address key management strategy issues.”
“Management research allows business and industry to keep up with the ever-increasing rate of change in the world today. It also helps students be prepared for the business challenges they will undoubtedly face.”