<p>I rent my car on bunch of market place like qeeq, turo, getaround, lyft. I have seasonality data at the daily level for my market. I’ve set a baseline price for my car. The final price is calculated as: baseline * seasonality * factor. The factor is 1.2 for Fridays, Saturdays, and Sundays, and 1.0 for other days.</p>
<p>I’m also tracking 100 cars listed on a different marketplace, monitoring their prices and whether they secured a reservation for each date.</p>
<p>How can I refine my baseline price to maximize bookings? Currently, I review and adjust my baseline price weekly. In Excel, I have the following columns:</p>
<p>Date My price (= baseline * seasonality * factor) My car's booking status (Boolean) Market median price Market max price Market booking rate (Percentage)</p>
<p>Given this setup, how can I adjust my baseline price to maximize my revenue in statistical sound way, based on the reservations I'm seeing coming in market? In guess work, Sometime I price too low, I get alot of reservations compared to market, if I price too high getting no booking at all.</p>

CC BY-SA 4.0
2024-10-16T12:27:27.543Z
Can you outsource the problem? Adjusting the baseline price is a fairly simple problem any first year economist should be able to do this for you.
Jesper Hybel
CC BY-SA 4.0
2024-10-16T13:02:17.977Z
Whom to outsource?
jlata
CC BY-SA 4.0
2024-10-16T13:02:32.833Z
Can you tell in simple words how to do?
jlata
<econometrics><profit-maximization>
Any simple statistical adjust to pricing?
jlata
# Any simple statistical adjust to pricing?

(Asked by: username_0 on 2024-10-16)

I rent my car on bunch of market place like qeeq, turo, getaround, lyft. I have seasonality data at the daily level for my market. I’ve set a baseline price for my car. The final price is calculated as: baseline \* seasonality \* factor. The factor is 1.2 for Fridays, Saturdays, and Sundays, and 1.0 for other days.

I’m also tracking 100 cars listed on a different marketplace, monitoring their prices and whether they secured a reservation for each date.

How can I refine my baseline price to maximize bookings? Currently, I review and adjust my baseline price weekly. In Excel, I have the following columns:

Date My price (= baseline \* seasonality \* factor) My car's booking status (Boolean) Market median price Market max price Market booking rate (Percentage)

Given this setup, how can I adjust my baseline price to maximize my revenue in statistical sound way, based on the reservations I'm seeing coming in market? In guess work, Sometime I price too low, I get alot of reservations compared to market, if I price too high getting no booking at all.

**Tags:** econometrics, profit-maximization
> **Comments:**
> **username_1**: Can you outsource the problem? Adjusting the baseline price is a fairly simple problem any first year economist should be able to do this for you.  
> **username_0**: Whom to outsource?  
> **username_0**: Can you tell in simple words how to do?  

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## 0 answers

