Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing

Prithviraj Dasgupta, Yoshitsugu Hashimoto

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

We address the problem of determining buyer preferences for efficient dynamic pricing by sellers in a competitive online market. Prior reserch on online dynamic pricing by sellers makes certain limiting assumptions such as sellers being aware of buyers preferences, and, prices and profits of competitors, and, buyers selecting products based only on their price. In this paper, we consider a market where buyers and sellers differentiate a product on multiple attributes, and, preferences of different buyers over different product attributes vary temporally. We describe adaptive learning and dynamic pricing algorithms that can be used by a seller to determine buyer preferences and determine a competitive price in the market. These algorithms are encapsulated by software agents that automatically perform the necessary calculations so that the seller can maintain a competitive edge in the market. Simulation results of our algorithms show that they compare favorably against other existing online dynamic pricing algorithms.

Original languageEnglish (US)
Title of host publicationProceedings of the International Conference on Artificial Intelligence, IC-AI'04
EditorsH.R. Arabnia
Pages390-396
Number of pages7
StatePublished - Dec 1 2004
EventProceedings of the International Conference on Artificial Intelligence, IC-AI'04 - Las Vegas, NV, United States
Duration: Jun 21 2004Jun 24 2004

Publication series

NameProceedings of the International Conference on Artificial Intelligence, IC-AI'04
Volume1

Conference

ConferenceProceedings of the International Conference on Artificial Intelligence, IC-AI'04
CountryUnited States
CityLas Vegas, NV
Period6/21/046/24/04

Fingerprint

Intelligent agents
Costs
Software agents
Profitability

Keywords

  • Dynamic pricing
  • E-commerce
  • K-means algorithm
  • Online seller

ASJC Scopus subject areas

  • Artificial Intelligence

Cite this

Dasgupta, P., & Hashimoto, Y. (2004). Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing. In H. R. Arabnia (Ed.), Proceedings of the International Conference on Artificial Intelligence, IC-AI'04 (pp. 390-396). (Proceedings of the International Conference on Artificial Intelligence, IC-AI'04; Vol. 1).

Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing. / Dasgupta, Prithviraj; Hashimoto, Yoshitsugu.

Proceedings of the International Conference on Artificial Intelligence, IC-AI'04. ed. / H.R. Arabnia. 2004. p. 390-396 (Proceedings of the International Conference on Artificial Intelligence, IC-AI'04; Vol. 1).

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Dasgupta, P & Hashimoto, Y 2004, Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing. in HR Arabnia (ed.), Proceedings of the International Conference on Artificial Intelligence, IC-AI'04. Proceedings of the International Conference on Artificial Intelligence, IC-AI'04, vol. 1, pp. 390-396, Proceedings of the International Conference on Artificial Intelligence, IC-AI'04, Las Vegas, NV, United States, 6/21/04.
Dasgupta P, Hashimoto Y. Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing. In Arabnia HR, editor, Proceedings of the International Conference on Artificial Intelligence, IC-AI'04. 2004. p. 390-396. (Proceedings of the International Conference on Artificial Intelligence, IC-AI'04).
Dasgupta, Prithviraj ; Hashimoto, Yoshitsugu. / Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing. Proceedings of the International Conference on Artificial Intelligence, IC-AI'04. editor / H.R. Arabnia. 2004. pp. 390-396 (Proceedings of the International Conference on Artificial Intelligence, IC-AI'04).
@inproceedings{9f72e25fd3d943869ab3b95f9469d234,
title = "Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing",
abstract = "We address the problem of determining buyer preferences for efficient dynamic pricing by sellers in a competitive online market. Prior reserch on online dynamic pricing by sellers makes certain limiting assumptions such as sellers being aware of buyers preferences, and, prices and profits of competitors, and, buyers selecting products based only on their price. In this paper, we consider a market where buyers and sellers differentiate a product on multiple attributes, and, preferences of different buyers over different product attributes vary temporally. We describe adaptive learning and dynamic pricing algorithms that can be used by a seller to determine buyer preferences and determine a competitive price in the market. These algorithms are encapsulated by software agents that automatically perform the necessary calculations so that the seller can maintain a competitive edge in the market. Simulation results of our algorithms show that they compare favorably against other existing online dynamic pricing algorithms.",
keywords = "Dynamic pricing, E-commerce, K-means algorithm, Online seller",
author = "Prithviraj Dasgupta and Yoshitsugu Hashimoto",
year = "2004",
month = "12",
day = "1",
language = "English (US)",
isbn = "1932415335",
series = "Proceedings of the International Conference on Artificial Intelligence, IC-AI'04",
pages = "390--396",
editor = "H.R. Arabnia",
booktitle = "Proceedings of the International Conference on Artificial Intelligence, IC-AI'04",

}

TY - GEN

T1 - Eliciting buyer preferences using intelligent agents for multi-attribute dynamic pricing

AU - Dasgupta, Prithviraj

AU - Hashimoto, Yoshitsugu

PY - 2004/12/1

Y1 - 2004/12/1

N2 - We address the problem of determining buyer preferences for efficient dynamic pricing by sellers in a competitive online market. Prior reserch on online dynamic pricing by sellers makes certain limiting assumptions such as sellers being aware of buyers preferences, and, prices and profits of competitors, and, buyers selecting products based only on their price. In this paper, we consider a market where buyers and sellers differentiate a product on multiple attributes, and, preferences of different buyers over different product attributes vary temporally. We describe adaptive learning and dynamic pricing algorithms that can be used by a seller to determine buyer preferences and determine a competitive price in the market. These algorithms are encapsulated by software agents that automatically perform the necessary calculations so that the seller can maintain a competitive edge in the market. Simulation results of our algorithms show that they compare favorably against other existing online dynamic pricing algorithms.

AB - We address the problem of determining buyer preferences for efficient dynamic pricing by sellers in a competitive online market. Prior reserch on online dynamic pricing by sellers makes certain limiting assumptions such as sellers being aware of buyers preferences, and, prices and profits of competitors, and, buyers selecting products based only on their price. In this paper, we consider a market where buyers and sellers differentiate a product on multiple attributes, and, preferences of different buyers over different product attributes vary temporally. We describe adaptive learning and dynamic pricing algorithms that can be used by a seller to determine buyer preferences and determine a competitive price in the market. These algorithms are encapsulated by software agents that automatically perform the necessary calculations so that the seller can maintain a competitive edge in the market. Simulation results of our algorithms show that they compare favorably against other existing online dynamic pricing algorithms.

KW - Dynamic pricing

KW - E-commerce

KW - K-means algorithm

KW - Online seller

UR - http://www.scopus.com/inward/record.url?scp=12744254260&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=12744254260&partnerID=8YFLogxK

M3 - Conference contribution

SN - 1932415335

SN - 9781932415339

T3 - Proceedings of the International Conference on Artificial Intelligence, IC-AI'04

SP - 390

EP - 396

BT - Proceedings of the International Conference on Artificial Intelligence, IC-AI'04

A2 - Arabnia, H.R.

ER -