An Industrial Pricing Decision Using Bayesian Multivariate Analysis
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Bayesian multivariate analysis is used in the solution of a pricing problem for a petrochemical product. Estimates of variables that determine optimal price are derived from subjective assessments and time series data. The two sets of estimates are combined using Bayesian posterior analysis, and expected losses are evaluated using Monte Carlo methods.
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2007 ◽
Vol 46
(02)
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pp. 96-101
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