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

Volume

1

fYear

1994

fDate

2-5 Oct 1994

Firstpage

194

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;

fLanguage

English

Publisher

ieee

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

Type

conf

DOI

10.1109/ICSMC.1994.399835

Filename

399835