Multiple Purchase Choice Model

Download Multiple Purchase Choice Model full books in PDF, epub, and Kindle. Read online Multiple Purchase Choice Model ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!

Multiple-Purchase Choice Model

Author : Mengmeng Wang
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!

Book Synopsis Multiple-Purchase Choice Model by : Mengmeng Wang

Download or read book Multiple-Purchase Choice Model written by Mengmeng Wang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Although multiple-purchase behavior is typical in retail practice, the choice model to portray such behavior is rare in existing research. This paper presents a new multiple-purchase (MP) choice model based on the multinomial logit (MNL) choice model, which allows customers to purchase more than one item in a single visit. We first prove that the log-likelihood function based on our MP choice model has a nice concave property such that we can efficiently estimate the parameters in the model with data. Then, we identify that a revenue-ordered assortment may not be optimal for an assortment optimization problem under the MP choice model. Moreover, there may be no inclusion between the optimal solutions obtained from the assortment problem based on our model and the MNL model. Next, we present an equivalent mixed-integer program for the multiple-purchase assortment optimization, which can be solved by state-of-the-art commercial solvers. Finally, we conduct extensive numerical experiments to evaluate the benefits from the MP choice model in both estimation and optimization problems. We first conduct a case study on a real-world dataset. The numerical results show that our MP choice model performs better in three estimation metrics and one revenue metric than the MNL choice model. Then, we demonstrate the advantage of the MP choice model on simulated data. Our model can provide significant realized revenue improvement compared with that obtained by the single-purchase MNL choice model in numerical results.

Choice Models in Marketing

Author : Sandeep R. Chandukala
Publisher : Now Publishers Inc
ISBN 13 : 1601981643
Total Pages : 100 pages
Book Rating : 4.6/5 (19 download)

DOWNLOAD NOW!

Book Synopsis Choice Models in Marketing by : Sandeep R. Chandukala

Download or read book Choice Models in Marketing written by Sandeep R. Chandukala and published by Now Publishers Inc. This book was released on 2008 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Choice Models in Marketing examines recent developments in the modeling of choice for marketing and reviews a large stream of research currently being developed by both quantitative and qualitative researches in marketing. Choice in marketing differs from other domains in that the choice context is typically very complex, and researchers' desire knowledge of the variables that ultimately lead to demand in marketplace. The marketing choice context is characterized by many choice alternatives. The aim of Choice Models in Marketing is to lay out the foundations of choice models and discuss recent advances. The authors focus on aspects of choice that can be quantitatively modeled and consider models related to a process of constrained utility maximization. By reviewing the basics of choice modeling and pointing to new developments, Choice Models in Marketing provides a platform for future research.

Operations Management Under Consumer Choice Models with Multiple Purchases

Author : Shujie Luan
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (129 download)

DOWNLOAD NOW!

Book Synopsis Operations Management Under Consumer Choice Models with Multiple Purchases by : Shujie Luan

Download or read book Operations Management Under Consumer Choice Models with Multiple Purchases written by Shujie Luan and published by . This book was released on 2020 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the effects of multiple purchases that arise in the retailing of consumer goods, in which the product choice and consumer surplus depend not only on what to purchase but also on how many units to purchase. We incorporate the multiple purchases into consumer choice behavior and study a series of associated operational problems. Most of the discrete choice models in the current literature often assume that a customer chooses exactly one unit of a product. The assumption of “one purchase” is too restrictive in some practical scenarios (e.g., consumer goods) because customers often purchase multiple units of a product. We take the widely-used multinomial logit (MNL) model as a showcase and incorporate the effects of multiple purchases into the classic discrete choice model. In the new choice framework, consumers first form a consideration set, then select one product from consideration set and determine the purchase quantity of the selected product. In the absence of fixed cost, we characterize the structure of the optimal policy for the assortment optimization problem; whereas in the presence of product-differentiated fixed costs, the assortment problem becomes NP-complete, so we propose an efficient heuristic. We further develop a polynomial time algorithm for the assortment problem with identical fixed cost for each product. For the joint assortment and pricing problem, we show it can be decoupled into multiple multi-product pricing problems with different assortment sizes, each of which can be transformed into a single-variable problem. For the price competition problem, we characterize the existence and uniqueness of the Nash equilibrium. We combine the alternating optimization algorithm with the expectation maximization algorithm to overcome the non-concavity and missing data issues in estimation. An empirical study on JD.com data shows that incorporating the effects of multiple purchases into discrete choice models can improve model fitting and prediction accuracy, while ignoring the effects of multiple purchases may lead substantial losses.

Discrete Choice Methods with Simulation

Author : Kenneth Train
Publisher : Cambridge University Press
ISBN 13 : 0521766559
Total Pages : 399 pages
Book Rating : 4.5/5 (217 download)

DOWNLOAD NOW!

Book Synopsis Discrete Choice Methods with Simulation by : Kenneth Train

Download or read book Discrete Choice Methods with Simulation written by Kenneth Train and published by Cambridge University Press. This book was released on 2009-07-06 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the new generation of discrete choice methods, focusing on the many advances that are made possible by simulation. Researchers use these statistical methods to examine the choices that consumers, households, firms, and other agents make. Each of the major models is covered: logit, generalized extreme value, or GEV (including nested and cross-nested logits), probit, and mixed logit, plus a variety of specifications that build on these basics. Simulation-assisted estimation procedures are investigated and compared, including maximum stimulated likelihood, method of simulated moments, and method of simulated scores. Procedures for drawing from densities are described, including variance reduction techniques such as anithetics and Halton draws. Recent advances in Bayesian procedures are explored, including the use of the Metropolis-Hastings algorithm and its variant Gibbs sampling. The second edition adds chapters on endogeneity and expectation-maximization (EM) algorithms. No other book incorporates all these fields, which have arisen in the past 25 years. The procedures are applicable in many fields, including energy, transportation, environmental studies, health, labor, and marketing.

Modeling Ordered Choices

Author : William H. Greene
Publisher : Cambridge University Press
ISBN 13 : 1139485954
Total Pages : 383 pages
Book Rating : 4.1/5 (394 download)

DOWNLOAD NOW!

Book Synopsis Modeling Ordered Choices by : William H. Greene

Download or read book Modeling Ordered Choices written by William H. Greene and published by Cambridge University Press. This book was released on 2010-04-08 with total page 383 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is increasingly common for analysts to seek out the opinions of individuals and organizations using attitudinal scales such as degree of satisfaction or importance attached to an issue. Examples include levels of obesity, seriousness of a health condition, attitudes towards service levels, opinions on products, voting intentions, and the degree of clarity of contracts. Ordered choice models provide a relevant methodology for capturing the sources of influence that explain the choice made amongst a set of ordered alternatives. The methods have evolved to a level of sophistication that can allow for heterogeneity in the threshold parameters, in the explanatory variables (through random parameters), and in the decomposition of the residual variance. This book brings together contributions in ordered choice modeling from a number of disciplines, synthesizing developments over the last fifty years, and suggests useful extensions to account for the wide range of sources of influence on choice.

On (Re-Scaled) Multi-Attempt Approximation of Customer Choice Model and Its Application to Assortment Optimization

Author : Hakjin Chung
Publisher :
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis On (Re-Scaled) Multi-Attempt Approximation of Customer Choice Model and Its Application to Assortment Optimization by : Hakjin Chung

Download or read book On (Re-Scaled) Multi-Attempt Approximation of Customer Choice Model and Its Application to Assortment Optimization written by Hakjin Chung and published by . This book was released on 2016 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by the classic exogenous demand model and the recently developed Markov chain model, we propose a new approximation to the general customer choice model based on random utility called multi-attempt model, in which a customer may consider several substitutes before finally deciding to not purchase anything. We show that the approximation error of multi-attempt model decreases exponentially in the number of attempts. However, despite its strong theoretical performance, the empirical performance of multi-attempt model is not satisfactory. This motivates us to construct a modification of multi-attempt model called re-scaled multi-attempt model. We show that re-scaled 2-attempt model is exact when the underlying true choice model is Multinomial Logit (MNL); if, however, the underlying true choice model is not MNL, we show numerically that the approximation quality of re-scaled 2-attempt model is very close to that of Markov chain model. The key feature of our proposed approach is that the resulting approximate choice probability can be explicitly written. From a practical perspective, this allows the decision maker to use off-the-shelf solvers, or borrow existing algorithms from literature, to solve a general assortment optimization problem with a variety of real-world constraints.

The Paradox of Choice

Author : Barry Schwartz
Publisher : Harper Collins
ISBN 13 : 0061748994
Total Pages : 308 pages
Book Rating : 4.0/5 (617 download)

DOWNLOAD NOW!

Book Synopsis The Paradox of Choice by : Barry Schwartz

Download or read book The Paradox of Choice written by Barry Schwartz and published by Harper Collins. This book was released on 2009-10-13 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether we're buying a pair of jeans, ordering a cup of coffee, selecting a long-distance carrier, applying to college, choosing a doctor, or setting up a 401(k), everyday decisions—both big and small—have become increasingly complex due to the overwhelming abundance of choice with which we are presented. As Americans, we assume that more choice means better options and greater satisfaction. But beware of excessive choice: choice overload can make you question the decisions you make before you even make them, it can set you up for unrealistically high expectations, and it can make you blame yourself for any and all failures. In the long run, this can lead to decision-making paralysis, anxiety, and perpetual stress. And, in a culture that tells us that there is no excuse for falling short of perfection when your options are limitless, too much choice can lead to clinical depression. In The Paradox of Choice, Barry Schwartz explains at what point choice—the hallmark of individual freedom and self-determination that we so cherish—becomes detrimental to our psychological and emotional well-being. In accessible, engaging, and anecdotal prose, Schwartz shows how the dramatic explosion in choice—from the mundane to the profound challenges of balancing career, family, and individual needs—has paradoxically become a problem instead of a solution. Schwartz also shows how our obsession with choice encourages us to seek that which makes us feel worse. By synthesizing current research in the social sciences, Schwartz makes the counter intuitive case that eliminating choices can greatly reduce the stress, anxiety, and busyness of our lives. He offers eleven practical steps on how to limit choices to a manageable number, have the discipline to focus on those that are important and ignore the rest, and ultimately derive greater satisfaction from the choices you have to make.

Estimating Multiple-discrete Choice Models

Author : Igal Hendel
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (214 download)

DOWNLOAD NOW!

Book Synopsis Estimating Multiple-discrete Choice Models by : Igal Hendel

Download or read book Estimating Multiple-discrete Choice Models written by Igal Hendel and published by . This book was released on 1994 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a multiple-discrete choice model for the analysis of demand of differentiated products. Users maximize profits by choosing the number of units of each brand they purchase. Multiple-unit as well as multiple-brand purchases are allowed. These two features distinguish this model from classical discrete choice models which consider only a single choice among mutually exclusive alternatives. Model parameters are estimated using the simulated method of moments technique. Both requirements - microfoundations and estimability -are imposed in order to exploit the available micro level data on personal computer purchases. The estimated demand structure is used to assess welfare gains from computerization and technological innovation in peripherals industries. The estimated return on investment in computers is 90%. Moreover, a 10% increase in the performance to price ratio of microprocessors leads to a 4% gain in the estimated end user surplus

Choice Modelling

Author : Stephane Hess
Publisher : Edward Elgar Publishing
ISBN 13 : 1781007276
Total Pages : 322 pages
Book Rating : 4.7/5 (81 download)

DOWNLOAD NOW!

Book Synopsis Choice Modelling by : Stephane Hess

Download or read book Choice Modelling written by Stephane Hess and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This collection of papers, by leading researchers in the field, provides an excellent view of the current state of research and applications. Exciting new techniques are presented, and realistic solutions are offered to issues that arise in applied work. It is an admirably rich volume, offering valuable insights for all readers of choice modeling.' Kenneth Train, University of California, Berkeley and NERA Economic Consulting, Inc., San Francisco, California, US 'I'm an enthusiastic fan of the ICMC, where researchers are friendly, genuinely interested in learning from and helping one another. There is much to learn because each discipline brings a different perspective to the field and to theoretical and applied problems in decision-making and choice behavior. The ICMC embodies the philosophy that most real choice problems are complex and require a cross-disciplinary approach. The papers in this volume represent an eclectic cross-section of the topics covered by key researchers in the field. I look forward to getting our PhD students and postdocs stuck into them.' Jordan Louviere, University of Technology Sydney, Australia Choice modelling has been one of the most active fields in economics over recent years. This valuable new book contains leading contributions from academics and practitioners from across the different areas of study where choice modelling is a key analytical technique, drawn from a recent international conference. Choice models explain the behaviour of individuals by quantifying their values, responses and perceptions of attributes describing the various options (alternatives) available to them. Policy makers and planners have long since recognised the potential of using choice models for guidance purposes, with applications in fields as diverse as transport analysis, healthcare, telecommunications, public service evaluation and energy. The unique mix of theoretical and applied chapters will appeal to academics, students, researchers and practitioners in various fields, as well as anyone with a general interest in the subject.

Determinants of Travel Choice

Author : David A. Hensher
Publisher :
ISBN 13 :
Total Pages : 424 pages
Book Rating : 4.3/5 (555 download)

DOWNLOAD NOW!

Book Synopsis Determinants of Travel Choice by : David A. Hensher

Download or read book Determinants of Travel Choice written by David A. Hensher and published by . This book was released on 1978 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:

A Unified Analysis for Assortment Planning with Marginal Distributions

Author : Selin Ahipasaoglu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!

Book Synopsis A Unified Analysis for Assortment Planning with Marginal Distributions by : Selin Ahipasaoglu

Download or read book A Unified Analysis for Assortment Planning with Marginal Distributions written by Selin Ahipasaoglu and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study assortment problems under the marginal distribution model (MDM), a semiparametric choice model that only requires marginal error information without assuming independence. It is known that the multinomial logit (MNL) model belongs to MDM. In this paper, we further show that some multi-purchase choice models, such as the multiple-discrete-choice (MDC) model, and threshold utility model (TUM), also fall into the framework of MDM, although MDM does not explicitly model multi-purchase behavior. For the assortment problem under MDM, we characterize a general condition for the marginal distributions under which a strictly profit-nested assortment is optimal. Moreover, though the problem is shown to be NP-hard, we prove that the best strictly profit-nested assortment is a 1/2-approximate solution for all MDMs. We further construct a simple case of MDM such that the 1/2-approximate bound is tight. These results either generalize or improve existing results on assortment optimization under MNL, MDC, and TUM.

Stated Choice Methods

Author : Jordan J. Louviere
Publisher : Cambridge University Press
ISBN 13 : 9780521788304
Total Pages : 436 pages
Book Rating : 4.7/5 (883 download)

DOWNLOAD NOW!

Book Synopsis Stated Choice Methods by : Jordan J. Louviere

Download or read book Stated Choice Methods written by Jordan J. Louviere and published by Cambridge University Press. This book was released on 2000-09-28 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multidisciplinary graduate and practitioner guide, first published in 2000, which offers the theory and application of stated choice methods.

Applied Choice Analysis

Author : David A. Hensher
Publisher : Cambridge University Press
ISBN 13 : 1107092647
Total Pages : 1219 pages
Book Rating : 4.1/5 (7 download)

DOWNLOAD NOW!

Book Synopsis Applied Choice Analysis by : David A. Hensher

Download or read book Applied Choice Analysis written by David A. Hensher and published by Cambridge University Press. This book was released on 2015-06-11 with total page 1219 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fully updated second edition of this popular introduction to applied choice analysis, written for graduate students, researchers, professionals and consultants.

Formative Assessment, Learning Data Analytics and Gamification

Author : Santi Caballé
Publisher : Morgan Kaufmann
ISBN 13 : 0128036672
Total Pages : 384 pages
Book Rating : 4.1/5 (28 download)

DOWNLOAD NOW!

Book Synopsis Formative Assessment, Learning Data Analytics and Gamification by : Santi Caballé

Download or read book Formative Assessment, Learning Data Analytics and Gamification written by Santi Caballé and published by Morgan Kaufmann. This book was released on 2016-05-10 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: Formative Assessment, Learning Data Analytics and Gamification: An ICT Education discusses the challenges associated with assessing student progress given the explosion of e-learning environments, such as MOOCs and online courses that incorporate activities such as design and modeling. This book shows educators how to effectively garner intelligent data from online educational environments that combine assessment and gamification. This data, when used effectively, can have a positive impact on learning environments and be used for building learner profiles, community building, and as a tactic to create a collaborative team. Using numerous illustrative examples and theoretical and practical results, leading international experts discuss application of automatic techniques for e-assessment of learning activities, methods to collect, analyze, and correctly visualize learning data in educational environments, applications, benefits and challenges of using gamification techniques in academic contexts, and solutions and strategies for increasing student participation and performance. Discusses application of automatic techniques for e-assessment of learning activities Presents strategies to provide immediate and useful feedback on students’ activities Provides methods to collect, analyze, and correctly visualize learning data in educational environments Explains the applications, benefits, and challenges of using gamification techniques in academic contexts Offers solutions to increase students’ participation and performance while lowering drop-out rates and retention levels

When Prospect Theory Meets Consumer Choice Models

Author : Ruxian Wang
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)

DOWNLOAD NOW!

Book Synopsis When Prospect Theory Meets Consumer Choice Models by : Ruxian Wang

Download or read book When Prospect Theory Meets Consumer Choice Models written by Ruxian Wang and published by . This book was released on 2018 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Problem Definition: Reference prices arise as price expectations against which consumers evaluate products in their purchase scenarios. We investigate what will happen when prospect theory (e.g., reference prices) meets consumer choice models from the perspectives of both the consumers and the firm.Academic/Practical Relevance: Consumers see multiple relevant products on a particular purchase occasion, and often compare their prices to form the willingness to pay when considering whether to purchase a particular product. Reference prices, which are not included in many choice models, may impact consumer choice behavior, so we incorporate reference prices into consumer choice models and investigate the operations management problems.Methodology: We take the widely used multi-nomial logit model as a showcase to examine the effects of reference prices through analytical and empirical study. We consider the optimization problems on assortment planning and pricing under consumer choice models with a variety of reference prices, including the lowest price and the assortment variety.Results: Our empirical study on a real data set demonstrates that incorporating reference prices into choice models can significantly improve goodness-of-fit and prediction accuracy of consumer choice behavior. Furthermore, we characterize the optimal policies for the assortment planning and pricing problems under the consumer choice models with various reference prices. In particular for the pricing problems under the reference prices defined by either the lowest price or assortment variety, we show that the optimal pricing policy has the following structure: products can be grouped into several categories based on their costs; the products in the same category charge either the same profit markup or the same price.Managerial Implications: In practice, reference prices should be taken into account in model estimation and operations management. Ignoring reference prices may lead to substantial losses.

Assortment Optimization Under Multinomial Logit Choice Model with Tree Structured Consideration Sets

Author : Qingwei Jin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

DOWNLOAD NOW!

Book Synopsis Assortment Optimization Under Multinomial Logit Choice Model with Tree Structured Consideration Sets by : Qingwei Jin

Download or read book Assortment Optimization Under Multinomial Logit Choice Model with Tree Structured Consideration Sets written by Qingwei Jin and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study assortment optimization problems under multinomial logit choice model with two tree structured consideration set models, i.e., the subtree model and the induced paths model. In each model, there are multiple customer types and each customer type has a different consideration set. A customer of a particular type only purchases product within his consideration set. The tree structure means all products form a tree with each node representing one product and all consideration sets are induced from this tree. In the subtree model, each consideration set consists of products in a subtree and in the induced paths model, each consideration set consists of products on the path from one node to the root. All customers make purchase decisions following the same multinomial logit choice model except that different customer types have different consideration sets. The goal of the assortment optimization is to determine a set of products offered to customers such that the expected revenue is maximized. We consider both unconstrained problem and capacitated problem. We show that these problems are all NP-hard problems and propose a unified framework, which captures the tree structure in both models, to design fully polynomial time approximation schemes (FPTAS) for all these problems. Besides, we identify a special case under the induced paths model, showing that it can be solved in $O(n)$ operations.

Advances in Artificial Transportation Systems and Simulation

Author : Rosaldo J F Rossetti
Publisher : Academic Press
ISBN 13 : 0123973287
Total Pages : 258 pages
Book Rating : 4.1/5 (239 download)

DOWNLOAD NOW!

Book Synopsis Advances in Artificial Transportation Systems and Simulation by : Rosaldo J F Rossetti

Download or read book Advances in Artificial Transportation Systems and Simulation written by Rosaldo J F Rossetti and published by Academic Press. This book was released on 2014-12-15 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Intelligent Systems Series encompasses theoretical studies, design methods, and real-world implementations and applications. It publishes titles in three core sub-topic areas: Intelligent Automation, Intelligent Transportation Systems, and Intelligent Computing. Titles focus on professional and academic reference works and handbooks. This volume, Advances in Artificial Transportation Systems and Simulation, covers hot topics including driver assistance systems; cooperative vehicle-highway systems; collision avoidance; pedestrian protection; image, radar and lidar signal processing; and V2V and V2I communications. The readership for the series is broad, reflecting the wide range of intelligent systems interest and application, but focuses on engineering (in particular automation, control, mechatronics, robotics, transportation, automotive, aerospace), electronics and electronic design, and computer science. Provides researchers and engineers with up to date research results and state-of-the art technologies in the area of intelligent vehicles and transportation systems Includes case studies plus surveys of the latest research Covers hot topics including driver assistance systems; cooperative vehicle-highway systems; collision avoidance; pedestrian protection; image, radar and lidar signal processing; V2V and V2I communications