Download or read book Experimental Pricing as an Approach to Demand Analysis written by Levi A. Powell and published by . This book was released on 1958 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Experimental Pricing as an Approach to Demand Analysis written by Fentress McCoughan Peacock and published by . This book was released on 1957 with total page 940 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Henri Theil s Contributions to Economics and Econometrics written by Henri Theil and published by Springer Science & Business Media. This book was released on 1992-03-31 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: PREFACE TO THE COLLECTION PREAMBLE The editors are pleased to present a selection of Henri Theil's contributions to economics and econometrics in three volumes. In Volume I we have provided an overview of Theil's contributions, a brief biography, an annotated bibliography of his research, and a selection of published and unpublished articles and chapters in books dealing with topics in econometrics. Volume II contains Theil's contributions to demand analysis and information theory. Volume III includes Theil's contributions in economic policy and forecasting, and management science. The selection of articles is intended to provide examples of Theil's many seminal and pathbreaking contributions to economics in such areas as econometrics, statistics, demand analysis, information theory, economic policy analysis, aggregation theory, forecasting, index numbers, management science, sociology, operations research, higher education and much more. The collection is also intended to serve as a tribute to him on the occasion of his 68th birthday: These three volumes also highlight some of Theil's contributions and service to the profession as a leader, advisor, administrator, teacher, and researcher. Theil's contributions, which encompass many disciplines, have been extensively cited both in scientific and professional journals. These citations often place Theil among 10 researchers (ranked according to number of times cited) in the world in various the top disciplines.

Download or read book An Experimental Approach to the Determination of Demand for Orange Concentrate written by William Gerard O'Regan and published by . This book was released on 1962 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Dynamic Pricing with Demand Model Uncertainty written by Mr. Nuri Bora Keskin and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Pricing decisions often involve a tradeoff between learning about customer behavior to increase long-term revenues, and earning short-term revenues. In this thesis we examine that tradeoff. Whenever a firm is not certain about how its customers will respond to price changes, there is an opportunity to use price as a tool for learning about a demand curve. Most firms try to solve the tradeoff between learning and earning by managing these two goals separately. A common practice is to first estimate the parameters of the demand curve, and then choose the optimal price, assuming the parameter estimates are accurate. In this thesis we show that this conventional approach is far from being optimal, running the risk of incomplete learning--a negative statistical outcome in which the decision maker stops learning prematurely. We also propose several remedies to avoid the incomplete learning problem, and guard against poor performance. In Chapter 1, we model a learn-and-earn problem using a theoretical framework in which a seller has a prior belief about the demand curve for its product, and updates his belief upon observing customer responses to successive sales attempts. We assume that the seller's prior is a binary distribution, i.e. one of two demand curves is known to apply, although our analysis can be extended to any finite prior. In this setting, we first analyze the myopic Bayesian policy (MBP), which is a stylized representative of the estimate-and-then-optimize policies described above. Our analysis makes three contributions to the literature: first, we show that under the MBP the seller's beliefs can get stuck at a confounding value, leading to poor revenue performance. This result elucidates incomplete learning as a consequence of myopic pricing. Our second contribution is the development of a constrained variant of the MBP as a way to tweak the MBP in the binary-prior setting. By forbidding prices that are not sufficiently informative, constrained MBP (CMBP) avoids the incomplete learning problem entirely, and moreover, its expected performance gap relative to a clairvoyant who iv knows the underlying demand curve is bounded by a constant independent of the sales horizon. Finally, we generalize the CMBP family to obtain more flexible pricing policies that are suitable in case the seller has an arbitrary prior on model parameters. The incomplete learning result and the pricing policies we design have a practical significance. Because firms have no means to check whether they are suffering from incomplete learning, the myopic policies used in practice need to be modified with some kind of forced price experimentation, and our policies provide guidelines on how price experimentation can be employed to prevent incomplete learning. In Chapter 2, we consider several research questions: for example, when a seller has been charging an incumbent price for a very long time, how can he make use of the information contained in that incumbent price? Or, when a seller offers multiple products with substitutable demand, can he safely employ an independent price experimentation strategy for each product? More importantly, what if the particular pricing policies in literature are not feasible in a given business setting? To handles such cases, can we derive general principles that identify the essential ingredient of successful price experimentation policies? We address these questions using a fairly general dynamic pricing model, where a monopolist sells a set of products over a given time horizon. The expected demand for products is given by a linear curve, the parameters of which are not known by the seller. The seller's goal is to learn the parameters of the demand curve as he keeps trying to earn revenues. This chapter makes four main contributions to the learning-and-earning literature. First, we formulate an incumbent-price problem, where the seller starts out knowing one point on its demand curve, and show that the value of information contained in the incumbent price is substantial. Second, unlike previous studies that focus on a particular form of price experimentation, we derive general sufficient conditions for accumulating information in a near-optimal manner. We believe that practitioners can use these conditions as guidelines to design successful pricing policies in various settings. Third, we develop a unifying theme to obtain performance bounds in operations management problems with model uncertainty. We employ (i) the concept of Fisher information to derive natural lower bounds on regret, and (ii) martingale theory to analyze the estimation errors and generate well-performing policies. Finally, we analyze the pricing of multiple products with substitutable demand. Our analysis shows that multi-product pricing is not a straightforward repetition of single-product pricing. Learning in a high dimensional price space essentially requires sufficient "variation" in the directions of successive price vectors, which brings forth the idea of orthogonal pricing. In Chapter 3, we extend our analysis to the case where information can become obsolete. The particular dynamic pricing problem we consider includes a seller who tries to simultaneously learn about a time-varying demand curve, and earn sales revenues. We conduct a simulation study to evaluate the revenue performance of several pricing policies in this setting. Our results suggest that policies designed for static demand settings do not perform well in time-varying demand settings. Moreover, if the demand environment is not very noisy and the changes are not very frequent, a simple modification of the estimate-and-then-optimize approach, which is based on a moving time window, performs reasonably well in changing demand environments.

Download or read book Feedback Complexity and Market Adjustment written by Christian Peter Erik Kampmann and published by . This book was released on 1992 with total page 486 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bulletin written by and published by . This book was released on 1955 with total page 1324 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Energy Abstracts for Policy Analysis written by and published by . This book was released on 1978 with total page 930 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Agricultural Experiment Stations Annual Report written by University of Florida. Agricultural Experiment Station and published by . This book was released on 1957 with total page 1624 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Experimental Duopoly Markets with Demand Inertia written by Claudia Keser and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report portrays the results of experimental research on dynamic duopoly markets with demand inertia. Two methods of experimentation are studied: game-playing experiments where subjects interact spontaneously via computer terminals, and computer tournaments between strategies designed by subjects. The principal aim of this study is the understanding of boundedly rational decision making in the dynamic duopoly situation. 1. 1 Motivation The experiments examine a multistage duopoly game where prices in each period are the only decision variables. Sales depend on current prices and also on past sales (demand inertia). Applying the game-theoretic concept of subgame perfect equilibrium, the game is solved by backward induction. The result is a uniquely determined system of decision rules. However, we can hardly expect that human beings behave according to the equilibrium strategy of this game. It is unlikely that subjects are able to compute the equilibrium. And even if a subject is able to compute it, he might not make use of this knowledge. Only if he expects the others to behave according to the equilibrium, it is optimal for him to play the equilibrium strategy. We have evidence from several earlier experimental studies on oligopoly markets that, even in less complex oligopoly situations where the equilibrium solutions are very easy to compute, human behavior often is different from what is prescribed by normative theory. ! Normative theory is based on the concept of ideal rationality. However, human capabilities impose cognitive limits on rationality.

Download or read book Some Experiments in Demand Analysis written by Alan Richmond Prest and published by . This book was released on 1949 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Design of the Los Angeles Peak load Pricing Experiment for Electricity written by Willard G. Manning and published by . This book was released on 1976 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Bulletin of the Agricultural Experiment Station written by and published by . This book was released on 1925 with total page 978 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Handbook of Research Methods and Applications in Experimental Economics written by Arthur Schram and published by Edward Elgar Publishing. This book was released on 2019 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers a comprehensive review of experimental methods in economics. Its 21 chapters cover theoretical and practical issues such as incentives, theory and policy development, data analysis, recruitment, software and laboratory organization. The Handbook includes separate parts on procedures, field experiments and neuroeconomics, and provides the first methodological overview of replication studies and a novel set-valued equilibrium concept. As a whole, the combination of basic methods and current developments will aid both beginners and advanced experimental economists.

Download or read book Price Experimentation and Plan Design for Digital Firms written by Ian Weaver and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis provides insights for firms on how to price and design product plans by combining experimentation and machine learning methods. In Chapter 1, we use multiarmed bandits from reinforcement learning to better inform firms on how to price experiment when faced with an unknown demand curve. Chapters 2 and 3 focus on plan design for a subscription based firm. In Chapter 2, we run a field experiment to determine the optimal amount of free offered by a firm, while in Chapter 3 we perform a content-level analysis using machine learning, which helps a firm choose a more appropriate plan based on the kind of content present in its library.The first chapter examines how a firm can learn the most relevant parts of an unknown demand curve more efficiently by conducting adaptive price experimentation. We propose a novel theory-based approach to the reinforcement learning problem of maximizing profits when faced with an unknown demand curve. Our method is based on multi-armed bandits, which are a collection of minimal assumption non-parametric models that balance exploration and exploitation for maximizing rewards while learning across arms. Specifically, we build on Gaussian process bandits, which represent a flexible non-parametric model that unlike other non-parametric alternatives also provide principled estimates of uncertainty. We leverage the informational externality inherent in price experimentation across arms (price levels) in two ways: correlation between demands correspond to closer price levels, and demand curves are weakly monotonically decreasing. Incorporating these informational externalities limits unnecessary exploration of certain prices and performs better (characterized by greater profitability or reduced experimentation) than currently advanced approaches like UCB (with partial identification), or baseline Gaussian process bandits. Additionally, our method can be used in conjunction with methods like partial identification. Across a wide spectrum of true demand distributions our algorithm demonstrated a significant increase in rewards, most notably for right-skewed underlying WTP distributions where current approaches tend to underperform. Our algorithm performed consistently achieving between 96.9% and 99.1% of the optimal rewards depending on the simulation setting.In the second chapter, we address the design of free plan and free trial. We conduct a field experiment in collaboration with a company that provides video-based learning in the performing arts space to identify the impact of free content availability on both engagement and monetization outcomes. We find that the generosity of the free plan drives engagement higher, whereas conversion rates are inversely related. However, the revenue impact of generosity demonstrates an inverted-U shaped relationship. Users who have access to less generous free plans tend to convert to lower priced and shorter term premium plans. In contrast, users who are given more generous free plans tend to upgrade to higher priced and longer term premium plans. Therefore, even though the conversion rates for the experimental conditions are similar, the revenue implications are quite different.In the third chapter, we use the same empirical context as the second chapter to undertake content analysis to understand how engagement of different content types varies with plan design. We adapt recent advances in using raw unstructured video data to characterize rich content features to understand how content characteristics explain differential treatment effects. Specifically, we decompose videos into several features corresponding to text, audio, and visual modalities. We find that videos with the following characteristics are those associated with an increase in watch time as more of the video becomes available: longer sentence length, faster speech rate, more collaborative language, lower question rate, more positive speech sentiment, higher quality videos (pre-recorded rather than live-recorded), longer classes, non-neutral visual features, and instructors further away from the camera. This has implications for firms in choosing a more appropriate plan based on the kind of content present in their library.

Download or read book An Experimental Approach to the Estimation of Short run Price consumption Relationships for Eggs written by John R. Franzmann and published by . This book was released on 1958 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Wiley International Encyclopedia of Marketing 6 Volume Set written by and published by John Wiley & Sons. This book was released on 2011-02-07 with total page 1775 pages. Available in PDF, EPUB and Kindle. Book excerpt: With over 300 entries from hundreds of global experts, this is one of the premier marketing reference resources available worldwide. The 6-volume WIEM provides scholars and professionals with an international guide to marketing concepts and applications The far-reaching new developments, challenges and opportunities that have arisen in recent years are fully reflected in the entries Scholars and professionals will enjoy the flexible, multi-level structure, with entries ranging from topics summaries to short essays reviewing areas of development and debate Entries are further extended by sophisticated cross-referencing both among volumes and between encyclopedia entries and external sources The encyclopedia is also available online For ease of reference, the entries are arranged alphabetically within each of the subject volumes. Designed to encompass the scope of modern marketing, the volumes cover: Volume 1: Marketing Strategy Volume 2: Marketing Research Volume 3: Consumer Behavior Volume 4: Advertising and Integrated Communication Volume 5: Product Innovation and Management Volume 6: International Marketing