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| Predict Price |
Price Prediction Use Cases
Demand and price predictions are generally said to be two sides of the same coin meaning they are correlated. But conditions apply as is the case with most things in life. economists propose inverse relationship (price elasticity) between demand and price, which does not apply to all products, all markets and all situations. But wherever it applies it sure makes having a crystal ball worth the effort.
Corporations, investors, governments are constantly looking for improving ways of accurately predicting price. Several use cases can be seen around us-
- Commodity price predictions for buying/selling/hedging decisions
- Forex, index and investment asset price
- Long term price predictions of technical breakthrough products
Success Criteria: No Magic Formulae
In suppliers market price is controlled by few or single player. No points for prediction there. Demand side price prediction game has some rules.
- There has to be many players influencing the demand and hence price.
- Buyers should have alternatives
- Buyer should have good information of each other offerings and prices.
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