Competitive Multi Product Pricing With Demand Learning And Substitution Effects
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Competitive Multi Product Pricing With Demand Learning And Substitution Effects
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Author : Rainer Schlosser
language : en
Publisher:
Release Date : 2016
Competitive Multi Product Pricing With Demand Learning And Substitution Effects written by Rainer Schlosser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Many firms are selling different types of products. Typically sales applications are characterized by competitive settings, limited information and substitution effects. The demand intensities of single types of products are affected by the own products as well as the products of competitors. Due to the complexity of such markets, smart pricing strategies are hard to derive. We analyze stochastic dynamic multi-product pricing models under competition for the sale of durable goods. In a first step, a data-driven approach is used to measure substitution effects and to estimate sales probabilities in competitive markets. In a second step, we use a dynamic model to compute powerful heuristic feedback pricing strategies, which are even applicable if the number of competitors' offers is large and their pricing strategies are unknown. Moreover, our approach allows taking additional features, such as customer ratings or shipping times into account. Adaptive estimations are used to update the estimation of sales probabilities and to further improve the strategy.
Joint Product Pricing
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Author : Fouad Sabry
language : en
Publisher: One Billion Knowledgeable
Release Date : 2024-02-03
Joint Product Pricing written by Fouad Sabry and has been published by One Billion Knowledgeable this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-03 with Business & Economics categories.
What is Joint Product Pricing In microeconomics, joint product pricing is the firm's problem of choosing prices for joint products, which are two or more products produced from the same process or operation, each considered to be of value. Pricing for joint products is more complex than pricing for a single product. To begin with, there are two demand curves. The characteristics of each could be different. Demand for one product could be greater than for the other. Consumers of one product could be more price elastic than consumers of the other. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Joint product pricing Chapter 2: Monopoly Chapter 3: Monopolistic competition Chapter 4: Supply and demand Chapter 5: Deadweight loss Chapter 6: Economic surplus Chapter 7: Price discrimination Chapter 8: Elasticity (economics) Chapter 9: Economic equilibrium Chapter 10: Consumer choice Chapter 11: Substitute good Chapter 12: Substitution effect Chapter 13: Allocative efficiency Chapter 14: Overproduction Chapter 15: Demand curve Chapter 16: Tax incidence Chapter 17: Pricing strategies Chapter 18: Demand Chapter 19: Supply (economics) Chapter 20: Derived demand Chapter 21: Margin (economics) (II) Answering the public top questions about joint product pricing. (III) Real world examples for the usage of joint product pricing in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Joint Product Pricing.
Operations Research Proceedings 2017
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Author : Natalia Kliewer
language : en
Publisher: Springer
Release Date : 2018-05-25
Operations Research Proceedings 2017 written by Natalia Kliewer and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-25 with Business & Economics categories.
This book gathers a selection of peer-reviewed papers presented at the International Conference on Operations Research (OR 2017), which was held at Freie Universität Berlin, Germany on September 6-8, 2017. More than 800 scientists, practitioners and students from mathematics, computer science, business/economics and related fields attended the conference and presented more than 500 papers in parallel topic streams, as well as special award sessions. The main theme of the conference and its proceedings was "Decision Analytics for the Digital Economy."
Multi Product Price And Assortment Competition
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Author : Awi Federgruen
language : en
Publisher:
Release Date : 2014
Multi Product Price And Assortment Competition written by Awi Federgruen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
We address a generic price competition model in an industry with an arbitrary number of competitors, each offering all or a subset of a given line of N products. The products are substitutes in the sense that the demand volume of each product weakly increases whenever the price of another product increases. The cost structure is linear, with arbitrary cost rates.Our demand model is the unique regular extension of a set of demand functions that are affine in a limited polyhedral subset of the price space. A set of demand functions is regular if it satisfies the following conditions: under any given price vector, when some product is priced out of the market, i.e., has zero demand, any increase of its price has no impact on the demand volumes. Depending on the set of prices selected by the competing firms, a different product assortment is offered on the market.We characterize the equilibrium prices, product assortment and sales volumes in the price competition model, under this demand model. Under minimal conditions, we show that a pure Nash equilibrium always exists; while multiple price equilibria may arise, they are equivalent in the sense of generating an identical product assortment and sales volumes.
Nonlinear Pricing
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Author : Robert B. Wilson
language : en
Publisher: Oxford University Press, USA
Release Date : 1993
Nonlinear Pricing written by Robert B. Wilson and has been published by Oxford University Press, USA this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.
What do phone rates, frequent flyer programs, and railroad tariffs all have in common? They are all examples of nonlinear pricing. Pricing is nonlinear when it is not strictly proportional to the quantity purchased. The Electric Power Research Institute has commissioned Robert Wilson to review the various facets of nonlinear pricing. The work starts with a general non-mathematical discussion, followed by a more technical presentation intended for readers with a fairly advanced background. Thorough and detailed, this study has ample examples of case studies from a variety of industries.
Operations Research Proceedings 2018
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Author : Bernard Fortz
language : en
Publisher: Springer Nature
Release Date : 2019-08-29
Operations Research Proceedings 2018 written by Bernard Fortz and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-29 with Business & Economics categories.
This book gathers a selection of peer-reviewed papers presented at the International Conference on Operations Research (OR 2018), which was held at the Free University of Brussels, Belgium on September 12 - 14, 2018, and was jointly organized by the German Operations Research Society (GOR) and the Belgian Operational Research Society (ORBEL). 575 scientists, practitioners and students from mathematics, computer science, business/economics and related fields attended the conference and presented more than 400 papers in parallel topic streams, as well as special award sessions. The respective papers discuss classical mathematical optimization, statistics and simulation techniques. These are complemented by computer science methods, and by tools for processing data, designing and implementing information systems. The book also examines recent advances in information technology, which allow big data volumes to be processed and enable real-time predictive and prescriptive business analytics to drive decisions and actions. Lastly, it includes problems modeled and treated while taking into account uncertainty, risk management, behavioral issues, etc.
Utilising Machine Learning Approaches To Develop Price Optimisation And Demand Prediction Model For Multiple Products With Demand Correlation
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Author : Keun Hee Lee
language : en
Publisher:
Release Date : 2022
Utilising Machine Learning Approaches To Develop Price Optimisation And Demand Prediction Model For Multiple Products With Demand Correlation written by Keun Hee Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Price determination is essential as it plays a critical role in improving a company's profitability and market competitiveness. However, this requires the ability to calculate customer demand in the Fast Moving Consumer Goods (FMCG) industry as the substitution effect exists between multiple products within a product category. The substitution effect is a change in demand for goods due to changes in the price of other products, and it leads to an exponential number of combinations of variables. This paper aims to provide a technique for solving price optimisation for the retailer by applying the substitution effect to the demand prediction and price optimisation model. The research has developed an algorithm to construct an appropriate demand prediction and price optimisation model structure that considers the substitution effect. It was necessary to forecast demand according to the combination of price changes of all products to reflect the effect of substitution. This is followed by utilising the algorithm based on the latest machine learning models, hyperparameter tuning and rolling forecasting methods to select the best demand prediction model. Demand forecast results predicted from the best demand prediction model were used as input for the price optimisation model. As a result, a price optimisation algorithm that reflects all price changes of products was developed, and we found that the developed algorithm reduced the number of price combinations and execution time more than 10,000 fold compared with the brute force approach through the computational simulations.
Retail Analytics
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Author : Anna-Lena Sachs
language : en
Publisher: Springer
Release Date : 2014-12-10
Retail Analytics written by Anna-Lena Sachs and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-12-10 with Business & Economics categories.
This book addresses the challenging task of demand forecasting and inventory management in retailing. It analyzes how information from point-of-sale scanner systems can be used to improve inventory decisions, and develops a data-driven approach that integrates demand forecasting and inventory management for perishable products, while taking unobservable lost sales and substitution into account in out-of-stock situations. Using linear programming, a new inventory function that reflects the causal relationship between demand and external factors such as price and weather is proposed. The book subsequently demonstrates the benefits of this new approach in numerical studies that utilize real data collected at a large European retail chain. Furthermore, the book derives an optimal inventory policy for a multi-product setting in which the decision-maker faces an aggregated service level target, and analyzes whether the decision-maker is subject to behavioral biases based on real data for bakery products.
Operations Research And Enterprise Systems
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Author : Greg H. Parlier
language : en
Publisher: Springer
Release Date : 2019-03-14
Operations Research And Enterprise Systems written by Greg H. Parlier and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-14 with Computers categories.
This book constitutes revised selected papers from the 7th International Conference on Operations Research and Enterprise Systems, ICORES 2018, held in Funchal, Madeira, Portugal, in January 2018. The 12 papers presented in this volume were carefully reviewed and selected from a total of 59 submissions. They are organized in topical sections named: methodologies and technologies; and applications.
Research Handbook On Inventory Management
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Author : Jing-Sheng J. Song
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-08-14
Research Handbook On Inventory Management written by Jing-Sheng J. Song and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-14 with Technology & Engineering categories.
This comprehensive Handbook provides an overview of state-of-the-art research on quantitative models for inventory management. Despite over half a century’s progress, inventory management remains a challenge, as evidenced by the recent Covid-19 pandemic. With an expanse of world-renowned inventory scholars from major international research universities, this Handbook explores key areas including mathematical modelling, the interplay of inventory decisions and other business decisions and the unique challenges posed to multiple industries.