Calculating Price Elasticity
First Claim
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1. A computer-implemented method for calculating price elasticity, the method performed using one or more computer systems each comprising one or more processing units and one or more memory units, the method comprising:
- accessing a plurality of demand models;
accessing demand data describing a plurality of items;
evaluating the demand models in accordance with the demand data;
selecting a demand model of the evaluated demand models in response to the evaluation;
calculating a price elasticity according to the selected demand model by;
accessing a set of price elasticity values;
for each price elasticity value, determining a probability of the price elasticity value given an event, the demand data describing the event; and
determining a probable price elasticity value in accordance with the determined probabilities of the price elasticity value given the event; and
reporting the calculated price elasticity.
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Abstract
Calculating price elasticity includes accessing a number of demand models and demand data describing a number of items. The demand models are evaluated in accordance with the demand data. A demand model of the evaluated demand models is selected in response to the evaluation. A price elasticity is calculated according to the selected demand model.
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Citations
12 Claims
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1. A computer-implemented method for calculating price elasticity, the method performed using one or more computer systems each comprising one or more processing units and one or more memory units, the method comprising:
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accessing a plurality of demand models;
accessing demand data describing a plurality of items;
evaluating the demand models in accordance with the demand data;
selecting a demand model of the evaluated demand models in response to the evaluation;
calculating a price elasticity according to the selected demand model by;
accessing a set of price elasticity values;
for each price elasticity value, determining a probability of the price elasticity value given an event, the demand data describing the event; and
determining a probable price elasticity value in accordance with the determined probabilities of the price elasticity value given the event; and
reporting the calculated price elasticity. - View Dependent Claims (2, 3, 4)
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5. A system for calculating price elasticity, comprising:
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a database operable to store a plurality of demand models and demand data describing a plurality of items; and
a module coupled to the database and operable to;
evaluate the demand models in accordance with the demand data;
select a demand model of the evaluated demand models in response to the evaluation;
calculate a price elasticity according to the selected demand model by;
accessing a set of price elasticity values;
for each price elasticity value, determining a probability of the price elasticity value given an event, the demand data describing the event; and
determining the most likely price elasticity value in accordance with the determined probabilities of the price elasticity value given the event; and
report the calculated price elasticity. - View Dependent Claims (6, 7, 8)
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9. Software for calculating price elasticity, the software encoded in a computer-readable media and when executed operable to:
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access a plurality of demand models;
access demand data describing a plurality of items;
evaluate the demand models in accordance with the demand data;
select a demand model of the evaluated demand models in response to the evaluation;
calculate a price elasticity according to the selected demand model by;
accessing a set of price elasticity values;
for each price elasticity value, determining a probability of the price elasticity value given an event, the demand data describing the event; and
determining a probable price elasticity value in accordance with the determined probabilities of the price elasticity value given the event; and
report the calculated price elasticity. - View Dependent Claims (10, 11, 12)
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Specification