Wiley & sas business Series

   Pricing Analytics  
  The application of analytics to specifi cally support calculating optimal 
prices and understand the relationship between prices and demand 
through price elasticity models. 
   Propensity Model  
  A type of model that specifi cally focuses on creating predictions around the 
likelihood of an individual doing a particular action. Common examples 
include the propensity to default on a loan or to purchase a given product. 
   Psychohistory  
  A term coined by Isaac Asimov, it describes the application of psychol-
ogy, sociology, and applied statistics to make predictions about population-
level future behaviors. 
   Radio-Frequency Identifi cation (RFID)  
  A low-power technology that supports low-cost wireless communication 
between readers and devices. Because of its low-cost structures, it is used 
to support a wide variety of asset management problems ranging from 
tracking casino chips to monitoring usage of toll roads. 
   Ratemaking  
  A variety of techniques that specifi cally focus on calculating premiums 
taking into account the frequency and severity of loss-making events.