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HANNOVER MESSE 2020, 20 - 24 April
Homepage>Exhibitors & Products >Dynamic Pricing with Deep Learning
R&D-Project

Dynamic Pricing with Deep Learning

Logo Economic AI

Exhibitor

Economic AI

Exhibitor details
Exhibitor details
Development status
Under development
Market introduction
07.2019

Product description

Digitalization leads to new opportunities for setting prices dynamically. Dynamic Pricing problems are fundamentally different and cannot be handeled with methods of prediction analytics. Strictly speaking, it is a "causal" problem. We develop a structural model for consumer demand and estimate it with Machine Learning methods. This allows us to estimate the effect of different pricing schemes on demand. Consistent estimation of the demand function is core for profit or revenue maximization. We demonstrate the superior performance of our system in a real world problem of dynamic pricing of ride sharing services.

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