Dynamic Online Pricing with Incomplete Information Using Multiarmed Bandit Experiments

Kanishka Misra,Eric M. Schwartz,Jacob D. Abernethy

Dynamic Online Pricing with Incomplete Information Using Multiarmed Bandit Experiments

2019

Kanishka Misra
Eric M. Schwartz
Jacob D. Abernethy

We propose an alternative dynamic price experimentation policy that extends multiarmed bandit (MAB) algorithms from statistical machine learning to include microeconomic choice theory.

Keywords:

Marketing
Dynamic pricing
Economics
A/B testing
Complete information
E-commerce
Rational choice theory
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