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An integrated market simulation model for the design of new products

Matsatsinis Nikolaos, Tsafarakis, Stelios, 1977-, Doulamis, Anastasios

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URI: http://purl.tuc.gr/dl/dias/D26B4B0E-8230-440C-9674-EC6DD84DF6C8
Year 2008
Type of Item Conference Full Paper
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Bibliographic Citation S. Tsafarakis, A. Doulamis, N.F. Matsatsinis ,"An integrated market simulation model for the design of new products," in 2008 Intern. Conf. Engineering Manag. (IEMC) ,pp.1-5.doi:10.1109/IEMCE.2008.4617951 https://doi.org/10.1109/IEMCE.2008.4617951
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Conference Publications in Community School of Production Engineering and Management

Summary

Market simulators assist managers in product design and pricing decisions, through advanced heuristic algorithms for consumer buying behavior modeling. We propose a model for use in such systems, which combines the effective incorporation of the two critical properties a simulator should theoretically reflects, with exceptionally performance in actual choice shares estimation. Differential Impact and Substitution are exhibited through the representation of customer heterogeneity and product similarity in the choice rule, while high predictive accuracy is displayed with the implementation of the Stochastic Logarithmic Search algorithm.

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