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Aggregation methods to calculate the average price

Author

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

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.

Suggested Citation

  • Merigó, José M. & Palacios-Marqués, Daniel & del Mar Benavides-Espinosa, María, 2015. "Aggregation methods to calculate the average price," Journal of Business Research, Elsevier, vol. 68(7), pages 1574-1580.
  • Handle: RePEc:eee:jbrese:v:68:y:2015:i:7:p:1574-1580
    DOI: 10.1016/j.jbusres.2015.01.054
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    References listed on IDEAS

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    1. Michel Grabisch & Jean-Luc Marichal & Radko Mesiar & Endre Pap, 2011. "Aggregation functions: Means," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00539028, HAL.
    2. Mick Silver & Christos Ioannidis, 2001. "Intercountry Differences in the Relationship between Relative Price Variability and Average Prices," Journal of Political Economy, University of Chicago Press, vol. 109(2), pages 355-374, April.
    3. Johnson, Jennifer Wiggins & Cui, Annie Peng, 2013. "To influence or not to influence: External reference price strategies in pay-what-you-want pricing," Journal of Business Research, Elsevier, vol. 66(2), pages 275-281.
    4. Leone, Robert P. & Robinson, Larry M. & Bragge, Johanna & Somervuori, Outi, 2012. "A citation and profiling analysis of pricing research from 1980 to 2010," Journal of Business Research, Elsevier, vol. 65(7), pages 1010-1024.
    5. Jihui Chen, 2006. "Differences in Average Prices on the Internet: Evidence from the Online Market for Air Travel," Economic Inquiry, Western Economic Association International, vol. 44(4), pages 656-670, October.
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    Citations

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    Cited by:

    1. Merigó, José M. & Palacios-Marqués, Daniel & Ribeiro-Navarrete, Belén, 2015. "Aggregation systems for sales forecasting," Journal of Business Research, Elsevier, vol. 68(11), pages 2299-2304.
    2. Merigó, José M. & Palacios-Marqués, Daniel & Zeng, Shouzhen, 2016. "Subjective and objective information in linguistic multi-criteria group decision making," European Journal of Operational Research, Elsevier, vol. 248(2), pages 522-531.

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