Related papers: Hedonic Prices and Quality Adjusted Price Indices …
This paper advances empirical demand analysis by integrating multimodal product representations derived from artificial intelligence (AI). Using a detailed dataset of toy cars on textit{Amazon.com}, we combine text descriptions, images, and…
In this work, we build a series of machine learning models to predict the price of a product given its image, and visualize the features that result in higher or lower price predictions. We collect two novel datasets of product images and…
In recent years several complaints about racial discrimination in appraising home values have been accumulating. For several decades, to estimate the sale price of the residential properties, appraisers have been walking through the…
Many policy counterfactuals depend on how consumers value product attributes such as sugar, sodium, caffeine, alcohol, or emissions. Standard hedonic and differentiated-products models interpret these valuations statically. That…
This paper makes the first attempt to introduce the tools from computer graphics into the art pricing research. We argue that the creation of a painting calls for a combination of conceptual effort and painting effort from the artist.…
Identifying key product features that influence consumer preferences is essential in the fashion industry. In this study, we introduce a robust methodology to ascertain the most impactful features in fashion product images, utilizing past…
This article introduces the Hedonic Metric (HM) approach as an original method to model the demand for differentiated products. Using this approach, initially, we create an n-dimensional hedonic space based on the characteristic information…
Notwithstanding almost forty years of efforts, the market for paintings still lacks a widely accepted price index. In this paper, we introduce a simple and intuitive metric to construct such index. Our metric is based on the price of a…
For premium consumer products, pricing strategy is not about a single number, but about understanding the perceived monetary value of the features that justify a higher cost. This paper proposes a robust methodology to deconstruct a…
Aesthetics drives product differentiation in industries such as fashion, interior decor, luxury goods, real estate and hospitality. However, visual differentiation is hard to encode in formal economic analysis. This paper analyses millions…
Traditional competitive markets do not account for negative externalities; indirect costs that some participants impose on others, such as the cost of over-appropriating a common-pool resource (which diminishes future stock, and thus…
In this paper we apply active learning algorithms for dynamic pricing in a prominent e-commerce website. Dynamic pricing involves changing the price of items on a regular basis, and uses the feedback from the pricing decisions to update…
The resale price assessment of secondhand jewelry items relies heavily on the individual knowledge and skill of domain experts. In this paper, we propose a methodology for reconstructing an AI system that autonomously assesses the resale…
Stock price prediction is a challenging task, but machine learning methods have recently been used successfully for this purpose. In this paper, we extract over 270 hand-crafted features (factors) inspired by technical and quantitative…
This paper contributes to the literature on parametric demand estimation by using deep learning to model consumer preferences. Traditional econometric methods often struggle with limited within-product price variation, a challenge addressed…
Reasonable pricing of data products enables data trading platforms to maximize revenue and foster the growth of the data trading market. The textual semantics of data products are vital for pricing and contain significant value that remains…
In contemporary retail, the variety of products available (e.g. clothing, groceries, cosmetics, frozen goods) make it difficult to predict the demand, prevent stockouts, and find high-potential products. We suggest an agentic AI model that…
Can AI effectively perform complex econometric analysis traditionally requiring human expertise? This paper evaluates AI agents' capability to master econometrics, focusing on empirical analysis performance. We develop ``MetricsAI'', an…
Analyzing fashion trends is essential in the fashion industry. Current fashion forecasting firms, such as WGSN, utilize the visual information from around the world to analyze and predict fashion trends. However, analyzing fashion trends is…
The proposed system aims to use various machine learning algorithms to enhance financial prediction and generate highly accurate analyses. It introduces an AI-driven platform which offers inflation-analysis, stock market prediction, and…