Pricing Analytics: Models and Advanced Quantitative Techniques for Product Pricing

This updated and expanded second edition has the same theme as the first: the price, the number, someone puts on a product to help consumers decide to buy that product, comes from statistically modeling data. Five new chapters provide a wider perspective on pricing analytics to more effectively develop elasticities and pricing strategies.This book gives readers the statistical modeling tools needed to get the number to put on a product, based on economic and statistical principles and theory.It covers elasticities, methodologies for analyzing customer choices including conjoint analysis, pricing segmentation, big data and econometric models-now with improved explanations and developments.The second edition adds discussion of three important and advanced topics: simulations for testing strategies under different conditions such as scenario analysis, AI applications for elasticity estimation and dynamic pricing, and the impacts of tariffs. A comprehensive and essential resource for analy