Design of a fuzzy expert system for determining adjusted price of products and services

Masoud Hesami, Hamid Eslami Nosratabadi and Hamed Fazlollahtabar

International Journal of Industrial and Systems Engineering, 2013, vol. 13, issue 1, 1-26

Abstract: This paper is concerned with proposing a heuristic fuzzy expert system (FES) to determine adjusted price of products. Due to the complexity and competitiveness in markets, determining products prices is of importance. Considering the uncertainty in the market environment, a methodology including this aspect of decision making is required. Thus, we make use of fuzzy logic to cope with uncertainty and an expert system for decision making. Then, a heuristic FES is proposed that is capable of dealing with both quantitative and qualitative variables and integrates price adjustments types. Consequently, a comprehensive numerical experiment is illustrated to show the effectiveness and applicability of the proposed methodology.

Keywords: price adjustment; fuzzy logic; FES; fuzzy expert systems; product pricing; services pricing; uncertainty; decision making. (search for similar items in EconPapers)
Date: 2013
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