Market Structure Analysis: Hierarchical Clustering of Products Based on Substitution-in-Use
利用产品使用数据，基于使用替代性标准，通过一种关注解释方差的层次聚类方法，识别出金融服务中具有管理意义的产品市场结构。
In this paper, product usage data, employing a substitution-in-use criterion, are analyzed and shown to yield managerially useful product-market structures for financial services. These structures are identified through a form of hierarchical clustering which is different from traditional clustering routines in that it focuses on the explained or accounted for variance in the categorization of objects, thereby reducing groupings due to chance covariation.