Title :
Model building for pricing decision making in an uncertain environment
Author :
Krasteva, E.B. ; Singh, G. ; Sotirov, G.R. ; Bennavail, J.C. ; Mincoff, N.C.
Author_Institution :
Comput. Dept., Univ. of Manchester Inst. of Sci. & Technol., UK
Abstract :
In this paper we focus on the representation and treatment of knowledge and data uncertainty within the context of an important practical problem, i.e. sales estimation as a function of price changes for a portfolio of goods or services. We discuss methods for interval and fuzzy estimation of the parameters of the sales-price response functions given the kinds of information usually available. The new approach is illustrated on an example of life insurance policy pricing
Keywords :
costing; decision theory; finance; fuzzy set theory; knowledge representation; parameter estimation; uncertainty handling; data uncertainty; fuzzy estimation; interval estimation; knowledge representation; knowledge treatment; life insurance policy pricing; model building; portfolio price changes; pricing decision-making; sales estimation; sales-price response functions; uncertain environment; Context-aware services; Decision making; Insurance; Laboratories; Marketing and sales; Parameter estimation; Portfolios; Pricing; Stochastic processes; Uncertainty;
Conference_Titel :
Systems, Man, and Cybernetics, 1994. Humans, Information and Technology., 1994 IEEE International Conference on
Conference_Location :
San Antonio, TX
Print_ISBN :
0-7803-2129-4
DOI :
10.1109/ICSMC.1994.399835
