Innovative Quantitative Techniques for Estimating Elasticities
Speaker:
Walter R. Paczkowski, Ph.D., Data Analytics Corp. and Rutgers University
Walter R. Paczkowski has a Ph.D. in economics from Texas A&M University concentrating in econometrics and statistics. After receiving his degree, Dr. Paczkowski worked in various quantitative positions at AT&T, such as business research and forecasting, applying advanced modeling methodologies to solve business problems. He worked for many years at AT&T Bell Labs’ Consumer Lab division where he used advanced statistical techniques such as conjoint, discrete choice, and latent class analysis to identify consumer preferences and willingness-to-pay for new telecommunications services.
Dr. Paczkowski founded Data Analytics Corp. in 2000 focusing on quantitative market research and pricing problems for industries such as banking, beverages, direct marketing, entertainment, food, insurance, jewelry, package goods, pharmaceuticals, and publications. He is currently an adjunct professor of economics at Rutgers University (teaching econometrics) and was formerly an adjunct professor of mathematics and statistics at The College of New Jersey (teaching statistics).
A key business question is always: "What do I charge?” The heart of the answer is price elasticities. But this begs three leading questions. Why are they important? Where do they come from? How are they used?
This workshop will answer these three leading questions. It will explain methods for estimating and using elasticities to answer the key business question. It’s meant for analysts, the doers charged with estimating and calculating what to charge, so it’s short on strategic content but long on techniques – the mathematics and statistics. It will give analysts more than a superficial understanding of methods; they need details because they’re charged with working with data and estimating models. Those wanting a superficial understanding typically only want to know enough to feel comfortable with what they’re told about elasticities; they’re the decision makers, not the doers. This technical workshop is for the doers.
