Download or read book Algorithms Artificial Intelligence and Simple Rule Based Pricing written by Qiaochu Wang and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Automated pricing comes in two forms - rule-based (e.g., targeting or undercutting the lowest price, etc) and artificial intelligence (AI) powered algorithms (e.g., reinforcement learning (RL) based). While rule-based pricing is the most widely used automated pricing strategy today, many retailers have increasingly adopting pricing algorithms powered by AI. Q-learning algorithm (a specific type of RL algorithm) is particularly appealing for pricing because it autonomously learns an optimal pricing policy and can adapt to any evolution in competitors' pricing strategy and market environment. It is commonly believed that the Q-learning algorithm has a significant advantage over simple rule-based pricing algorithms; therefore, in a competitive environment, most firms should adopt Q-learning based pricing algorithms if their competitors are using such algorithms. However, through extensive pricing experiments in a workhorse oligopoly model of repeated price competition, we show that a firm's best response to its competitor's Q-learning based algorithms is to use simple rule-based pricing algorithms. We find that when a Q-learning algorithm competes against a rule-based pricing algorithm, higher prices are sustained in the market in comparison to when multiple Q-learning algorithms compete against each other. The high prices are sustained because the rule-based algorithm introduces stationarity into the repeated price competition, which allows the Q-learning algorithm to more effectively search for the optimal policy benefiting both sellers. Further, the experimental phase where the Q-learning algorithm learns the optimal pricing policy is significantly shorter when it competes against a rule-based pricing algorithm in comparison to when it competes against another Q-learning algorithm. Our results are robust to alternative modeling assumptions on market structure, algorithm type, number of players, etc.
Download or read book Artificial Intelligence for Automated Pricing Based on Product Descriptions written by Nguyen Thi Ngoc Anh and published by Springer Nature. This book was released on 2021-08-28 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book highlights artificial intelligence algorithms used in implementation of automated pricing. It presents the process for building automated pricing models from crawl data, preprocessed data to implement models, and their applications. The book also focuses on machine learning and deep learning methods for pricing, including from regression methods to hybrid and ensemble methods. The computational experiments are presented to illustrate the pricing processes and models.
Download or read book Algorithmic Pricing Based on Big Data A Critical Reflection written by Lukas Kern and published by . This book was released on 2020-08-21 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2020 in the subject Business economics - Customer Relationship Management, CRM, grade: 1,0, language: English, abstract: Setting the right product prices is crucial for companies and is part of their marketing mix and image. For instance, deviations from "optimal" sales prices can lead to considerable losses in revenue and margin. However, a huge amount of data affect the "optimal" price and the pricing process requires extensive manual resources. Advanced algorithms like machine learning might have the potential to overcome the aforementioned challenges with almost no manual interactions. Pricing algorithms constantly automate and optimize pricing decisions based on the available data. Besides positive one-time effects of price optimizations, algorithmic pricing enables companies to implement new pricing strategies like dynamic pricing, price personalization, and markdown pricing. This master thesis combines the results of a literature review and expert interviews to solve three questions: What is the research gap between the current state of the literature and business practice regarding the use of advanced algorithms based on big data for algorithmic pricing? What progress and insights have companies made in using algorithmic pricing? And how can algorithmic pricing be enhanced for future application? The master thesis starts by explaining the basic concepts of algorithmic pricing and relevant technologies. Therefore, the results and takeaways are useful for business managers without prior experience in this area. This master thesis then provides corporate decision makers with recommendations on what to consider for new pricing algorithms and on opportunities for future development of existing pricing algorithms.
Download or read book Artificial Intelligence Algorithmic Pricing and Collusion written by Emilio Calvano and published by . This book was released on 2018 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pricing algorithms are increasingly replacing human decision making in real marketplaces. To inform the competition policy debate on possible consequences, we run experiments with pricing algorithms powered by Artificial Intelligence in controlled environments (computer simulations). In particular, we study the interaction among a number of Q-learning algorithms in the context of a workhorse oligopoly model of price competition with Logit demand and constant marginal costs. We show that the algorithms consistently learn to charge supra-competitive prices, without communicating with each other. The high prices are sustained by classical collusive strategies with a finite punishment phase followed by a gradual return to cooperation. This finding is robust to asymmetries in cost or demand and to changes in the number of players.
Download or read book Elgar Encyclopedia of Pricing written by Andreas Hinterhuber and published by Edward Elgar Publishing. This book was released on 2024-07-05 with total page 373 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Elgar Encyclopedia of Pricing presents a holistic view of cutting-edge topics, practical insights, and global perspectives on pricing. In-depth entries cover everything from behavioral pricing and artificial intelligence to sustainability pricing strategies and dynamic online pricing.
Download or read book AI for Marketing and Product Innovation written by A. K. Pradeep and published by John Wiley & Sons. This book was released on 2018-12-06 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Get on board the next massive marketing revolution AI for Marketing and Product Innovation offers creatives and marketing professionals a non-tech guide to artificial intelligence (AI) and machine learning (ML)—twin technologies that stand poised to revolutionize the way we sell. The future is here, and we are in the thick of it; AI and ML are already in our lives every day, whether we know it or not. The technology continues to evolve and grow, but the capabilities that make these tools world-changing for marketers are already here—whether we use them or not. This book helps you lean into the curve and take advantage of AI’s unparalleled and rapidly expanding power. More than a simple primer on the technology, this book goes beyond the “what” to show you the “how”: How do we use AI and ML in ways that speak to the human spirit? How to we translate cold technological innovation into creative tools that forge deep human connections? Written by a team of experts at the intersection of neuroscience, technology, and marketing, this book shows you the ins and outs of these groundbreaking technological tools. Understand AI and ML technology in layman’s terms Harness the twin technologies unparalleled power to transform marketing Learn which skills and resources you need to use AI and ML effectively Employ AI and ML in ways that resonate meaningfully with customers Learn practical examples of how to reinvest product innovation, brand building, targeted marketing and media measurement to connect with people and enhance ROI Discover the true impact of AI and ML from real-world examples, and learn the thinking, best practices, and metrics you need to capture this lightning and take the next massive leap in the evolution of customer connection. AI for Marketing and Product Innovation shows you everything you need to know to get on board.
Download or read book AI Powered Productivity written by Dr. Asma Asfour and published by Asma Asfour. This book was released on 2024-07-29 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, "AI-Powered Productivity," aims to provide a guide to understanding, utilizing AI and generative tools in various professional settings. The primary purpose of this book is to offer readers a deep dive into the concepts, tools, and practices that define the current AI landscape. From foundational principles to advanced applications, this book is structured to cater to both beginners and professionals looking to enhance their knowledge and skills in AI. This book is divided into nine chapters, each focusing on a specific aspect of AI and its practical applications: Chapter 1 introduces the basic concepts of AI, its impact on various sectors, and key factors driving its rapid advancement, along with an overview of generative AI tools. Chapter 2 delves into large language models like ChatGPT, Google Gemini, Claude, Microsoft's Turing NLG, and Facebook's BlenderBot, exploring their integration with multimodal technologies and their effects on professional productivity. Chapter 3 offers a practical guide to mastering LLM prompting and customization, including tutorials on crafting effective prompts and advanced techniques, as well as real-world examples of AI applications. Chapter 4 examines how AI can enhance individual productivity, focusing on professional and personal benefits, ethical use, and future trends. Chapter 5 addresses data-driven decision- making, covering data analysis techniques, AI in trend identification, consumer behavior analysis, strategic planning, and product development. Chapter 6 discusses strategic and ethical considerations of AI, including AI feasibility, tool selection, multimodal workflows, and best practices for ethical AI development and deployment. Chapter 7 highlights the role of AI in transforming training and professional development, covering structured training programs, continuous learning initiatives, and fostering a culture of innovation and experimentation. Chapter 8 provides a guide to successfully implementing AI in organizations, discussing team composition, collaborative approaches, iterative development processes, and strategic alignment for AI initiatives. Finally, Chapter 9 looks ahead to the future of work, preparing readers for the AI revolution by addressing training and education, career paths, common fears, and future trends in the workforce. The primary audience for the book is professionals seeking to enhance productivity and organizations or businesses. For professionals, the book targets individuals from various industries, reflecting its aim to reach a broad audience across different professional fields. It is designed for employees at all levels, offering valuable insights to both newcomers to AI and seasoned professionals. Covering a range of topics from foundational concepts to advanced applications, the book is particularly relevant for those interested in improving efficiency, with a strong emphasis on practical applications and productivity tools to optimize work processes. For organizations and businesses, the book serves as a valuable resource for decision-makers and managers, especially with chapters on data-driven decision-making, strategic considerations, and AI implementation. HR and training professionals will find the focus on AI in training and development beneficial for talent management, while IT and technology teams will appreciate the information on AI tools and concepts.
Download or read book Ripple Down Rules written by Paul Compton and published by CRC Press. This book was released on 2021-05-30 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book to explain Ripple-Down Rules, an approach to building knowledge-based systems which is more similar to machine learning methods than other rule-based systems but which depends on using an expert rather than applying statistics to data The book provides detailed worked examples and uses publicly available software to demonstrate Ripple-Down Rules The examples enable users to build their own RDR tools
Download or read book Internet of Things and Machine Learning for Type I and Type II Diabetes written by Sujata Dash and published by Elsevier. This book was released on 2024-07-15 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: Internet of Things and Machine Learning for?Type I and Type II Diabetes: Use Cases provides a medium of exchange of expertise and addresses the concerns, needs, and problems associated with Type I and Type II diabetes. Expert contributions come from researchers across biomedical, data mining, and deep learning. This is an essential resource for both the AI and Biomedical research community, crossing various sectors for broad coverage of the concepts, themes, and instrumentalities of this important and evolving area. Coverage includes IoT, AI, Deep Learning, Machine Learning and Big Data Analytics for diabetes and health informatics. Integrates many Machine learning techniques in biomedical domain to detect various types of diabetes to utilizing large volumes of available diabetes-related data for extracting knowledge It integrates data mining and IoT techniques to monitor diabetes patients using their medical records (HER) and administrative data Includes clinical applications to highlight contemporary use of these machine learning algorithms and artificial intelligence-driven models beyond research settings
Download or read book Algorithms and Law written by Martin Ebers and published by Cambridge University Press. This book was released on 2020-07-23 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exploring issues from big-data to robotics, this volume is the first to comprehensively examine the regulatory implications of AI technology.
Download or read book Reinforcement Learning written by Cornelius Weber and published by BoD – Books on Demand. This book was released on 2008-01-01 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Brains rule the world, and brain-like computation is increasingly used in computers and electronic devices. Brain-like computation is about processing and interpreting data or directly putting forward and performing actions. Learning is a very important aspect. This book is on reinforcement learning which involves performing actions to achieve a goal. The first 11 chapters of this book describe and extend the scope of reinforcement learning. The remaining 11 chapters show that there is already wide usage in numerous fields. Reinforcement learning can tackle control tasks that are too complex for traditional, hand-designed, non-learning controllers. As learning computers can deal with technical complexities, the tasks of human operators remain to specify goals on increasingly higher levels. This book shows that reinforcement learning is a very dynamic area in terms of theory and applications and it shall stimulate and encourage new research in this field.
Download or read book Artificial Intelligence Theory and Applications written by Harish Sharma and published by Springer Nature. This book was released on with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Summary of Hannah Fry s Hello World written by Milkyway Media and published by Milkyway Media. This book was released on 2022-11-21 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Buy now to get the main key ideas from Hannah Fry's Hello World Algorithms are the foundation of the modern machine era. These intangible bits of code have brought us social media feeds and search engines, and they are as much a part of our contemporary infrastructure as roads, houses, and industries. Hannah Fry's Hello World (2019) explores the huge number of algorithms on which we increasingly, but possibly unintentionally, depend. Fry looks at all the different fields in which algorithms have already made a big impact. Hello World pays careful attention to their claims, investigates their unacknowledged power, and addresses the unsolved concerns they pose. It’s up to humans to make sure they are a positive force in our present and future.
Download or read book Artificial Intelligence and Pricing written by Diego Aparicio and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: As businesses become more sophisticated and welcome new technologies, artificial intelligence-based methods are increasingly being used for firms' pricing decisions. In this review article, we provide a survey of research in the area of AI and pricing. On the upside, research has shown that algorithms allow companies to achieve unprecedented advantages, including real-time response to demand and supply shocks, personalized pricing, and demand learning. However, recent research has uncovered unforeseen downsides to algorithmic pricing that are important for managers and policy makers to consider.
Download or read book ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING AND MARKETING MANAGEMENT written by James Seligman and published by Lulu.com. This book was released on 2018-09-20 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: OBJECTIVES The book objectives provide a full delivery of information on the fields of artificial intelligence (AI) and machine learning (ML) to educators, students and practitioners of marketing. By explaining AI and ML terminology and its applications including marketing, the book is designed to inform and educate. Marketing use of AI and ML has exploded in recent decades as marketers have seen the considerable benefits of these two technologies. It is understood and explained that AI deals with 'Intelligent behaviour' by machines rather than natural intelligence found in humans and animals, it is the machine mimicking ' cognitive functions' that humans associate with the mind in learning, expression and problem solving and much more.
Download or read book 10th Annual Conference Cognitive Science Society Pod written by Cognitive Science Society and published by Psychology Press. This book was released on 2019-10-30 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 1988. A collection of papers, presentations and poster summaries from the tenth annual conference of the Cognitive Science Society in Montreal, Canada August 1988.
Download or read book Artificial Intelligence and Soft Computing ICAISC 2008 written by Leszek Rutkowski and published by Springer Science & Business Media. This book was released on 2008-06-16 with total page 1275 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 9th International Conference on Artificial Intelligence and Soft Computing, ICAISC 2008, held in Zakopane, Poland, in June 2008. The 116 revised contributed papers presented were carefully reviewed and selected from 320 submissions. The papers are organized in topical sections on neural networks and their applications, fuzzy systems and their applications, evolutionary algorithms and their applications, classification, rule discovery and clustering, image analysis, speech and robotics, bioinformatics and medical applications, various problems of artificial intelligence, and agent systems.
