Economic Analysis: Theory and Practice

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Pricing products based on a resource and technological model: Evidence from Chile

Vol. 18, Iss. 6, JUNE 2019

Received: 25 February 2019

Received in revised form: 8 April 2019

Accepted: 24 April 2019

Available online: 28 June 2019


JEL Classification: O10, O11, O21, P41, P42

Pages: 1181–1192

Kuznetsov S.A. Tula State University (TulSU), Tula, Russian Federation

ORCID id: not available

Fedorishcheva T.A. Tula State University (TulSU), Tula, Russian Federation

Subject The article deals with the methodology development for calculating the prices of products based on the technologies used and the resources required for reproduction in a closed macroeconomic production system.
Objectives The aim is to create a methodological basis enabling to calculate optimal prices for products in conditions of public socially-oriented economics. The prices rest on the needs of the population and resource dependence underpinned by technological development of the system.
Methods We apply methods of linear algebra, in particular, vector elements and matrix analysis, as well as general scientific methods of research, and modeling techniques.
Results We developed a mathematical model to calculate prices for products on the basis of resources consumption and in accordance with adopted technologies. Using the methodology, we built a resource and technological model and calculated product prices for the Republic of Chile. We also built a technological system, consisting of a limited number of necessary products, resources for their reproduction, and the so-called national products, which are mainly produced and historically common in the selected region. The paper presents resource and technological chains for each selected product, a resource and technological matrix that rests on the chains, and calculation of prices.
Conclusions In the proposed model, prices are calculated on the basis of fixed value of remuneration, which satisfies basic needs of a human being, and resources for product reproduction required by modern technologies. The methodology is of practical importance for pricing in macro systems.

Keywords: economic model, pricing, pricing methodology, resource model, resource-technological model


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