The Profit Engine calculates the Product purchased by each Customer based upon their Willingness To Pay (WTP). Each Customer Distribution column in the input WTP Matrix represents the Willingness To Pay (WTP) for a Product. The rows represent each of the Virtual Customers making purchase decisions based upon their individual Willingness To Pay (WTP) for the Products in the Market.
The Profit Engine does not require configuration if a Demand Curve is not being generated. It assumes that each Product found in the 'Input Product Array' refers to a column in the WTP Matrix.
If the user sets the Profit Engine to generate a Demand Curve then additional configuration settings must be selected. In particular, the selected Product must have a value for Cost in the Product Input Array.
Generating a Demand Curve will require repeatedly running the model within Profit Engine, hence the Profit Engine will take much longer to complete. If the user selects 20 one-sided Price Sample Points for the Demand Curve then the Profit Engine will iterate 2n + 1 = 41 times in order to generate both sides of the Demand Curve.
More Help: Examples and sample workflows can be found at the Scientific Strategy website: www.scientificstrategy.com.
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To use this node in KNIME, install the extension Market Simulation nodes by Scientific Strategy for KNIME - Community Edition from the below update site following our NodePit Product and Node Installation Guide:
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