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However, in existing research using network\u2010based approaches, product competition has been viewed as binary (i.e., whether a relationship exists or not), while in reality, the competition strength may vary among products. In this paper, we model the strength of the product competition by employing a statistical network model, with an emphasis on how product attributes affect which products are considered together and which products are ultimately purchased by customers. We first demonstrate how customers\u2019 considerations and choices can be aggregated as weighted networks. Then, we propose a weighted network modeling approach by extending the valued exponential random graph model to investigate the effects of product features and network structures on product competition relations. The approach that consists of model construction, interpretation, and validation is presented in a step\u2010by\u2010step procedure. Our findings suggest that the weighted network model outperforms commonly used binary network baselines in predicting product competition as well as market share. Also, traditionally when using binary network models to study product competitions and depending on the cutoff values chosen to binarize a network, the resulting estimated customer preferences can be inconsistent. Such inconsistency in interpreting customer preferences is a downside of binary network models but can be well addressed by the proposed weighted network model. Lastly, this paper is the first attempt to study customers\u2019 purchase preferences (i.e., aggregated choice decisions) and car competition (i.e., customers\u2019 co\u2010consideration decisions) together using weighted directed networks.<\/jats:p>","DOI":"10.1155\/2022\/9417869","type":"journal-article","created":{"date-parts":[[2022,1,4]],"date-time":"2022-01-04T17:35:09Z","timestamp":1641317709000},"update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":6,"title":["A Weighted Statistical Network Modeling Approach to Product Competition Analysis"],"prefix":"10.1155","volume":"2022","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-3516-1432","authenticated-orcid":false,"given":"Yaxin","family":"Cui","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-5227-2628","authenticated-orcid":false,"given":"Faez","family":"Ahmed","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3267-0941","authenticated-orcid":false,"given":"Zhenghui","family":"Sha","sequence":"additional","affiliation":[]},{"given":"Lijun","family":"Wang","sequence":"additional","affiliation":[]},{"given":"Yan","family":"Fu","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9989-3018","authenticated-orcid":false,"given":"Noshir","family":"Contractor","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4653-7124","authenticated-orcid":false,"given":"Wei","family":"Chen","sequence":"additional","affiliation":[]}],"member":"311","published-online":{"date-parts":[[2022,1,4]]},"reference":[{"key":"e_1_2_10_1_2","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-540-35872-5_6"},{"key":"e_1_2_10_2_2","doi-asserted-by":"publisher","DOI":"10.1007\/s10021-001-0101-5"},{"key":"e_1_2_10_3_2","doi-asserted-by":"publisher","DOI":"10.1115\/1.4002972"},{"key":"e_1_2_10_4_2","doi-asserted-by":"publisher","DOI":"10.1137\/s003614450342480"},{"key":"e_1_2_10_5_2","doi-asserted-by":"publisher","DOI":"10.1155\/2020\/9687390"},{"key":"e_1_2_10_6_2","doi-asserted-by":"publisher","DOI":"10.1017\/dsj.2017.26"},{"key":"e_1_2_10_7_2","doi-asserted-by":"publisher","DOI":"10.1155\/2021\/6665945"},{"key":"e_1_2_10_8_2","doi-asserted-by":"publisher","DOI":"10.4067\/s0718-27242016000200001"},{"key":"e_1_2_10_9_2","doi-asserted-by":"publisher","DOI":"10.1115\/1.4042639"},{"key":"e_1_2_10_10_2","doi-asserted-by":"publisher","DOI":"10.1086\/689702"},{"key":"e_1_2_10_11_2","doi-asserted-by":"crossref","unstructured":"BreschiV. 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