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
PublisherThe European Social Simulation Association (ESSA)
ISBN (Print)1844690172
StatePublished - 2009
Event6th Conference of the European Social Simulation Association, ESSA 2009 - Guildford, United Kingdom
Duration: Sep 14 2009Sep 18 2009

Other

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

Fingerprint

Dynamic Pricing
Sales
Decrease
Simulation Tool
Dynamic Response
Dynamic response
Efficacy
Costs
Market
Strategy

ASJC Scopus subject areas

  • Modeling and Simulation

Cite this

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

Dynamic pricing in complex behaving consumer markets : Submitted for the ESSA2009 conference. / Jager, Wander; Janssen, Marcus.

Conference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009. The European Social Simulation Association (ESSA), 2009.

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

Jager, W & Janssen, M 2009, Dynamic pricing in complex behaving consumer markets: Submitted for the ESSA2009 conference. in Conference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009. The European Social Simulation Association (ESSA), 6th Conference of the European Social Simulation Association, ESSA 2009, Guildford, United Kingdom, 9/14/09.
Jager W, Janssen M. Dynamic pricing in complex behaving consumer markets: Submitted for the ESSA2009 conference. In Conference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009. The European Social Simulation Association (ESSA). 2009
Jager, Wander ; Janssen, Marcus. / Dynamic pricing in complex behaving consumer markets : Submitted for the ESSA2009 conference. Conference Proceedings - 6th Conference of the European Social Simulation Association, ESSA 2009. The European Social Simulation Association (ESSA), 2009.
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