A Markov Chain Approximation to Choice Modeling
نویسندگان
چکیده
منابع مشابه
A Markov Chain Approximation to Choice Modeling
Assortment optimization is an important problem that arises in many industries such as retailing and airlines where the decision maker needs to decide on an optimal subset of products to offer to maximize the expected revenue. The demand and the revenue of any product depends on the complete set of offered products since customers potentially substitute to an available product if their most pre...
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Recently, the Markov chain choice model has been introduced by Blanchet et al. to overcome the computational intractability for learning and revenue management for several modern choice models, including the mixed multinomial logit models. However, the known methods for learning the Markov models require almost all items to be offered in the learning stage, which is impractical. To address this...
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This work studies the parameter identification problem for the Markov chain choice model of Blanchet, Gallego, and Goyal used in assortment planning. In this model, the product selected by a customer is determined by a Markov chain over the products, where the products in the offered assortment are absorbing states. The underlying parameters of the model were previously shown to be identifiable...
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ژورنال
عنوان ژورنال: Operations Research
سال: 2016
ISSN: 0030-364X,1526-5463
DOI: 10.1287/opre.2016.1505