Abstract
A new approach is described to the evaluation of a steel company's pricing options which are subject to administrative guidelines. The technique makes maximum use of market knowledge at a personal level to quantify uncertainty and price elasticity of demand.
The numerical procedure maximises that revenue figure which has a specified confidence of being exceeded. The management decision aids constructed from the pricing model results are used for indicative planning of pricing options.
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Bednarz, R., Garner, B. A Model for the Evaluation of Steel Pricing Options Subject to Administrative Guidelines. J Oper Res Soc 30, 985–992 (1979). https://doi.org/10.1057/jors.1979.225
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DOI: https://doi.org/10.1057/jors.1979.225