Method and system for estimating price elasticity of product demand
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United States of America Patent
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Issued Date -
Jul 7, 2005
app pub date -
Dec 10, 2004
filing date -
Dec 12, 2003
priority date (Note) -
Abandoned
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Abstract
Estimating price elasticity of product demand assists an understanding of total demand for a product and a forecast of how the level of demand for that product will change based on a change in the price of the product. A multi-level hierarchical regression methodology can be used to forecast product demand, and thereby calculate price elasticity. The methodology accepts historical product sales, product prices, and revenue management controls of a company and predicts the estimated demand at the product level. This methodology can also accept the historical product sales, product prices for the company and its competitors, revenue management controls of a company, and an estimate of the revenue management controls of its competitors to predict the estimated demand at the product level.
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