Methods
The methods employed in pricing science may be categorized into two broad areas: 1. forecasting and 2. optimization. The forecasting problem reflects the fact that the pricing decisions are intended to affect purchase events over some future time horizon. The optimization problem reflects the mathematical complexity required to reach feasible and practical pricing solutions.
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“I conceive that the leading characteristic of the nineteenth century has been the rapid growth of the scientific spirit, the consequent application of scientific methods of investigation to all the problems with which the human mind is occupied, and the correlative rejection of traditional beliefs which have proved their incompetence to bear such investigation.”
—Thomas Henry Huxley (1825–95)
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—Henry David Thoreau (1817–1862)
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