Related papers: An experiment in price perception error

This work aims to rigorously define the values of perception, prediction, communication, and common sense in decision making. The defined quantities are decision-theoretic, but have information-theoretic analogues, e.g., they share some…

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…

As a mediator variable, self-confidence is one of the most effective elements of the decision-making process of consumer behaviour. This research has studied the effects of different aspects of consuming fashion on the self-confidence and…

We study how choice architecture that companies deploy during data collection influences consumers' privacy valuations. Further, we explore how this influence affects the quality of data collected, including both volume and…

Food recommender systems play an important role in assisting users to identify the desired food to eat. Deciding what food to eat is a complex and multi-faceted process, which is influenced by many factors such as the ingredients,…

Machine learning algorithms are increasingly employed to price or value homes for sale, properties for rent, rides for hire, and various other goods and services. Machine learning-based prices are typically generated by complex algorithms…

Machine learning systems can help humans to make decisions by providing decision suggestions (i.e., a label for a datapoint). However, individual datapoints do not always provide enough clear evidence to make confident suggestions. Although…

In approval-based multiwinner voting, voters express approval preferences over a set of candidates, and the goal is to return a winning committee. This model captures a broad range of subset selection problems under preferences. Prior work…

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…

Contextual pricing strategies are prevalent in online retailing, where the seller adjusts prices based on products' attributes and buyers' characteristics. Although such strategies can enhance seller's profits, they raise concerns about…

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…

Recent scholarly work has extensively examined the phenomenon of algorithmic collusion driven by AI-enabled pricing algorithms. However, online platforms commonly deploy recommender systems that influence how consumers discover and purchase…

This work addresses the buyer's inspection paradox for information markets. The paradox is that buyers need to access information to determine its value, while sellers need to limit access to prevent theft. To study this, we introduce an…

Proactive AI writing assistants need to predict when users want drafting help, yet we lack empirical understanding of what drives preferences. Through a factorial vignette study with 50 participants making 750 pairwise comparisons, we find…

As the sociological theory of homophily suggests, people tend to interact with those of similar preferences. Motivated by this well-established phenomenon, today's online sellers, such as Amazon,~seek~to learn a new buyer's private…

Supervised machine learning utilizes large datasets, often with ground truth labels annotated by humans. While some data points are easy to classify, others are hard to classify, which reduces the inter-annotator agreement. This causes…

Agents' judgment depends on perception and previous knowledge. Assuming that previous knowledge depends on perception, we can say that judgment depends on perception. So, if judgment depends on perception, can agents judge that they have…

Crowdsourcing can identify high-quality solutions to problems; however, individual decisions are constrained by cognitive biases. We investigate some of these biases in an experimental model of a question-answering system. In both natural…

The popularity of online shopping is steadily increasing. At the same time, fake product reviewsare published widely and have the potential to affect consumer purchasing behavior. In response,previous work has developed automated methods…

In consumer search, there is a set of items. An agent has a prior over her value for each item and can pay a cost to learn the instantiation of her value. After exploring a subset of items, the agent chooses one and obtains a payoff equal…