Please use this identifier to cite or link to this item: http://hdl.handle.net/10497/18919
Title: 
Comparison of pricing models with simulated demand data
Authors: 
Issue Date: 
2014
Citation: 
Soon, W. M. A., Ang, K. C., & Teo, K. M. (2014). Comparison of pricing models with simulated demand data. The Electronic Journal of Mathematics and Technology, 8(3), 195-210. Retrieved from https://php.radford.edu/~ejmt/ContentIndex.php#v1n2
Abstract: 
Many types of pricing models incorporating different forms of demand functions have emerged in
the past years. In an earlier work, a piecewise-defined Complementarity-Constrained Demand
Function (CCDF) was discussed to correct certain weaknesses in commonly used demand
functions. The authors introduced a Complementarity-Constrained (CC) pricing model
incorporating the CCDF in that same work. However, there was a lack of numerical
implementations therein. Hence in a separate work, we developed an algorithm using MATLAB to
compare a generic pricing model and a CC pricing model. Experiments were performed to
compare the revenues from the two models for certain ranges of parameters defining the demand
function. In this work, we conduct further numerical testing by simulating the bidding behaviours
of different types of customers and using simulated demand data to compare the models. We find
that the use of the CC model leads to higher revenues for certain simulated scenarios.
URI: 
ISSN: 
1933-2823
Website: 
Appears in Collections:Journal Articles

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