Related papers: Development of Choice Model for Brand Evaluation
Models of choice are a fundamental input to many now-canonical optimization problems in the field of Operations Management, including assortment, inventory, and price optimization. Naturally, accurate estimation of these models from data is…
The process of consumer decision-making is multidimensional, and price perception is a very important but still not well-understood dimension for both marketers and consumers. Although heuristics or mental shortcuts are seen as biased and…
The standard rational choice model describes individuals as making choices by selecting the best option from a menu. A wealth of evidence instead suggests that individuals often filter menus into smaller sets - consideration sets - from…
This paper studies identification and estimation of a dynamic discrete choice model of demand for differentiated product using consumer-level panel data with few purchase events per consumer (i.e., short panel). Consumers are…
The supermarket model refers to a system with a large number of queues, where new customers choose d queues at random and join the one with the fewest customers. This model demonstrates the power of even small amounts of choice, as compared…
Online retailers often offer a vast choice of products to their customers to filter and browse through. The order in which the products are listed depends on the ranking algorithm employed in the online shop. State-of-the-art ranking…
We show that many bounded rationality patterns of choice can be alternatively represented as testable models of limited consideration, and we elicit the features of the associated unobserved consideration sets from the observed choice.…
We show that many models of choice can be alternatively represented as special cases of choice with limited attention (Masatlioglu, Nakajima, and Ozbay, 2012), singling out the properties of the unobserved attention filters that explain the…
In economic theory, an agent chooses from available alternatives -- modeled as a set. In decisions in the field or in the lab, however, agents do not have access to the set of alternatives at once. Instead, alternatives are represented by…
This paper presents a case study on the eClinical data of Intelligent Medical Objects, which currently employs eight pipeline stages. Historically, the pipeline stage progresses inversely with the number of customers. Our objective is to…
In coming years residential consumers will face real-time electricity tariffs with energy prices varying day to day, and effective energy saving will require automation - a recommender system, which learns consumer's preferences from her…
In enhancing the fairness of Large Language Models (LLMs), evaluating social biases rooted in the cultural contexts of specific linguistic regions is essential. However, most existing Japanese benchmarks heavily rely on translating English…
We study the identification and estimation of a multidimensional screening model, where a monopolist sells a multi-attribute product to consumers with private information about their multidimensional preferences. Under optimal screening,…
The notion of preferences plays an important role in many disciplines including service robotics which is concerned with scenarios in which robots interact with humans. These interactions can be favored by robots taking human preferences…
With the increasing demand for predictable and accountable Artificial Intelligence, the ability to explain or justify recommender systems results by specifying how items are suggested, or why they are relevant, has become a primary goal.…
In a so-called overpopulated world, sustainable consumption is of existential importance.However, the expanding spectrum of product choices and their production complexity challenge consumers to make informed and value-sensitive decisions.…
Predictive models are often introduced to decision-making tasks under the rationale that they improve performance over an existing decision-making policy. However, it is challenging to compare predictive performance against an existing…
The ability to develop or evolve software or software-based systems/services with defined and guaranteed quality in a predictable way is becoming increasingly important. Essential - though not exclusive - prerequisites for this are the…
Designing recommendation systems that serve content aligned with time varying preferences requires proper accounting of the feedback effects of recommendations on human behavior and psychological condition. We argue that modeling the…
Networked multi-agent dynamical systems have been used to model how individual opinions evolve over time due to the opinions of other agents in the network. Particularly, such a model has been used to study how a planning agent can be used…