Aggregation methods to calculate the average price

José M. Merigó, Daniel Palacios-Marqués and María del Mar Benavides-Espinosa

Journal of Business Research, 2015, vol. 68, issue 7, 1574-1580

Abstract: Average price is a numerical value that represents a set of prices, which may relate to firms, countries, or regions. This study presents new methods of average price aggregation that build on the unified aggregation operator (UAO). The UAO combines a wide range of sub-aggregation processes into a single formulation capable of accounting for the importance of each concept in the analysis. The aggregation system is flexible, can adapt to different environments, and provides a complete representation of relevant information. The UAO can calculate the average price for numerous geographical contexts such as supranational regions and countries. The study illustrates the UAO's utility by presenting an example of how to calculate the world average price of a product while considering a range of opinions and environmental uncertainties.

Keywords: Average price; Aggregation systems; Unified aggregation operator; OWA operator (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jbrese:v:68:y:2015:i:7:p:1574-1580

DOI: 10.1016/j.jbusres.2015.01.054

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