0

Full Content is available to subscribers

Subscribe/Learn More  >

Bayesian Inference for the Demand of Engineering Products

[+] Author Affiliations
Ali E. Abbas, Mahmood Alkindi

University of Illinois, Urbana, IL

George A. Hazelrigg

National Science Foundation, Arlington, VA

Paper No. DETC2012-70153, pp. 785-792; 8 pages
doi:10.1115/DETC2012-70153
From:
  • ASME 2012 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference
  • Volume 7: 9th International Conference on Design Education; 24th International Conference on Design Theory and Methodology
  • Chicago, Illinois, USA, August 12–15, 2012
  • Conference Sponsors: Design Engineering Division, Computers and Information in Engineering Division
  • ISBN: 978-0-7918-4506-6
  • Copyright © 2012 by ASME

abstract

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.

Copyright © 2012 by ASME

Figures

Tables

Interactive Graphics

Video

Country-Specific Mortality and Growth Failure in Infancy and Yound Children and Association With Material Stature

Use interactive graphics and maps to view and sort country-specific infant and early dhildhood mortality and growth failure data and their association with maternal

NOTE:
Citing articles are presented as examples only. In non-demo SCM6 implementation, integration with CrossRef’s "Cited By" API will populate this tab (http://www.crossref.org/citedby.html).

Some tools below are only available to our subscribers or users with an online account.

Related Content

Customize your page view by dragging and repositioning the boxes below.

Related eBook Content
Topic Collections

Sorry! You do not have access to this content. For assistance or to subscribe, please contact us:

  • TELEPHONE: 1-800-843-2763 (Toll-free in the USA)
  • EMAIL: asmedigitalcollection@asme.org
Sign In