Beyond the Gold and Pray equation: Introducing interrelationships in industry-level unit demand equations for business games

Elizabeth J. Tipton Murff, Richard D. Teach and Robert G. Schwartz
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Elizabeth J. Tipton Murff: Eastern Washington University, USA, ejtmurff@mail.ewu.edu
Richard D. Teach: Georgia Institute of Technology, USA, Richard.Teach@mgt.gatech.edu
Robert G. Schwartz: Eastern Washington University, USA, rschwartz@mail.ewu.edu

Simulation & Gaming, 2007, vol. 38, issue 2, 168-179

Abstract: Product unit demand is determined by many factors in business simulations; among these are the marketing variables of price, place, promotion, and quality. In the actual marketplace, however, these variables are not independent as is assumed by many simulation algorithms in the literature. This article discusses the need for and development of a two-attribute multiple-market-segment industry-level unit demand equation that explicitly includes the correlation between the two variables that affect demand (price and promotion) that form the domain of the unit demand equation for the model described in this article.

Keywords: algorithm; games; interrelationships (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:sae:simgam:v:38:y:2007:i:2:p:168-179

DOI: 10.1177/1046878107300445

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