Dynamic pricing in complex behaving consumer markets: Submitted for the ESSA2009 conference

Wander Jager, Marcus Janssen

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

This paper is a follow up of the ESSA paper presented by us last year. In this paper we focus on the efficacy of dynamic responses - in particular a price-cut - to a decrease in sales. We observe that dynamic pricing strategies, which respond to market shares, increase the survival rates of products. Moreover we show that a faster response to a decrease in sales results in a larger market share and a lower occurrence of price-cuts. The implications of how such simulation tools can be used in practice are being discussed.

Original languageEnglish (US)
Title of host publicationConference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009
EditorsBruce Edmonds, Nigel Gilbert
PublisherThe European Social Simulation Association (ESSA)
ISBN (Electronic)1844690172
StatePublished - Jan 1 2009
Event6th Conference of the European Social Simulation Association, ESSA 2009 - Guildford, United Kingdom
Duration: Sep 14 2009Sep 18 2009

Publication series

NameConference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009

Other

Other6th Conference of the European Social Simulation Association, ESSA 2009
CountryUnited Kingdom
CityGuildford
Period9/14/099/18/09

ASJC Scopus subject areas

  • Modeling and Simulation

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    Jager, W., & Janssen, M. (2009). Dynamic pricing in complex behaving consumer markets: Submitted for the ESSA2009 conference. In B. Edmonds, & N. Gilbert (Eds.), Conference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009 (Conference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009). The European Social Simulation Association (ESSA).