Abstract:Purpose:The main purpose of the article is to identify the demand curve and to forecast demand in subsequent periods using the Metropolis-Hastings algorithm. Design/Methodology/Approach: The Metropolis-Hastings algorithm belonging to the Markov Chain Monte Carlo was used to identify the demand curve and to forecast the demand in subsequent periods. This method consists in generating (drawing) a sample in accordance with the modified distribution and the possibility of rejecting a new sample in case of insuffic… Show more
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