MACHINE LEARNING ENGINE FOR DEMAND-BASED PRICING

MACHINE LEARNING ENGINE FOR DEMAND-BASED PRICING

Systems, methods and products for determining a consumer-facing price using a demand model that is generated based on historical transactional data. One embodiment comprises a method implemented in a pricing module of an automotive data processing system. Data that identifies a consumer (or consumer...

Ausführliche Beschreibung

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Bibliographische Detailangaben
Hauptverfasser: Case, John, Schoenfield, Joshua S, Malik, Daniel J, Painter, Scott Edward
Format: Patent
Sprache:eng
Schlagworte:
CALCULATING
COMPUTER SYSTEMS BASED ON SPECIFIC COMPUTATIONAL MODELS
COMPUTING
COUNTING
DATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FORADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORYOR FORECASTING PURPOSES
PHYSICS
SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE,COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTINGPURPOSES, NOT OTHERWISE PROVIDED FOR
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Beschreibung
Zusammenfassung:Systems, methods and products for determining a consumer-facing price using a demand model that is generated based on historical transactional data. One embodiment comprises a method implemented in a pricing module of an automotive data processing system. Data that identifies a consumer (or consumer group) and a vehicle type are received and the demand model is accessed to generate a payment corresponding to the attributes of the consumer and the attributes of the vehicle type. The demand model may be implemented in a machine learning engine that maintains a set of weights β used in a predictive demand function. The weights are adjusted by the machine learning engine to minimize a loss function which measures deviation of demand estimated by the predictive demand function from the demand indicated by a set of historical transaction data.