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THE ALGORITHM OF EVALUATING A MARGINAL INDIVIDUAL PRICE DISTRIBUTION UNDER AN EXPLICIT MARKETING RESEARCH

This article presents a method for conducting a marketing research aiming to evaluate statistics of a “Willingness-to-Pay” random variable distribution. Similarly, this approach can be used for evaluating minimal price a customer is ready to sell a good for. Since a general survey tends to bring bias into WTP evaluation, we suggest reducing psychological pressure while asking a single question “Would you buy this product for X amount of money?”. It was empirically shown that this information is enough to conduct an experiment and evaluate the characteristics of a population distribution. The algorithm is easy to use, however needs an expert control for gaining higher accuracy. Using tools of simulation modeling we assessed the level of bias of an experimentally obtained distribution statistics compared to a real population statistics. The algorithm helps predicting individual demand and total income level depending on a product pricing level.