Simulations of Supply and Demand Forecasting in A Market Economy

Authors

  • Irina Anatolievna Kiseleva
  • Vladimir Ivanovich Kuznetsov
  • Natalia Alekseevna Sadovnikova
  • Irina Sergeevna Androshina

DOI:

https://doi.org/10.47059/revistageintec.v11i4.2218

Abstract

The article deals with the current topic of modernity – simulating supply and demand forecasting. The instability of a complex socio-psychological system, such as consumers, which is virtually impossible to completely study and understand, increases in the context of a market economy. Making adequate decisions requires a deep, comprehensive assessment of the situation and a reliable forecast of the course of events. A firm that has managed to correctly predict the situation receives an additional profit compared to the one that refrained from forecasting. A firm that made the wrong forecast loses the most. The purpose of this work is to characterize the essence of models and methods that can be used to assess supply and demand. Many methods can be used to estimate supply and demand however the most powerful and versatile is using econometric models. In this article, the authors consider the main types of supply and demand models, the factors that affect them in the course of decision-making, as well as the preferences of service consumers. The approaches used in the work were the cognition method, retrospective and documentary analysis, as well as synthesis, generalization, and systematization.

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Published

2021-07-11

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Section

Articles