Bayesian inference for the demand of engineering products

Ali E. Abbas, George A. Hazelrigg, Mahmood Alkindi

نتاج البحث

5 اقتباسات (Scopus)

ملخص

Within the context of a profit making firm, the job of a design engineer is to choose design parameters and product attributes that maximize the expected utility of profit. To do this effectively, the engineer needs to have an estimate of the demand for the product as a function of its price and its attributes. The firm may conduct a survey to elicit consumer preferences for the product at a given price and would like to update their belief about demand given the survey data. The purpose of this paper is to present a Bayesian methodology for demand estimation that meets this need. The estimation process begins with a prior probability distribution of demand at a given price. Using Bayesian analysis, we show how to update demand for the product given various pieces of information such as market analysis, polls and a variety of other methods. We also discuss situations where consumers can demand multiple units of the product at the given price.

اللغة الأصليةEnglish
عنوان منشور المضيفASME 2012 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference, IDETC/CIE 2012
الصفحات785-792
عدد الصفحات8
المعرِّفات الرقمية للأشياء
حالة النشرPublished - 2012
منشور خارجيًانعم
الحدثASME 2012 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference, IDETC/CIE 2012 - Chicago, IL
المدة: أغسطس ١٢ ٢٠١٢أغسطس ١٢ ٢٠١٢

سلسلة المنشورات

الاسمProceedings of the ASME Design Engineering Technical Conference
مستوى الصوت7

Other

OtherASME 2012 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference, IDETC/CIE 2012
الدولة/الإقليمUnited States
المدينةChicago, IL
المدة٨/١٢/١٢٨/١٢/١٢

ASJC Scopus subject areas

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