Price discrimination with inequity-averse consumers : a reinforcement learning approach

Buchali, Katrin

Price discrimination with inequity-averse consumers : a reinforcement learning approach

dc.contributor.author	Buchali, Katrin	de
dc.date.accessioned	2024-04-08T09:00:48Z
dc.date.available	2024-04-08T09:00:48Z
dc.date.created	2021-06-23
dc.date.issued	2021
dc.description.abstract	With the advent of big data, unique opportunities arise for data collection and analysis and thus for personalized pricing. We simulate a self-learning algorithm setting personalized prices based on additional information about consumer sensi- tivities in order to analyze market outcomes for consumers who have a preference for fair, equitable outcomes. For this purpose, we compare a situation that does not consider fairness to a situation in which we allow for inequity-averse consumers. We show that the algorithm learns to charge different, revenue-maximizing prices and simultaneously increase fairness in terms of a more homogeneous distribution of prices.	en
dc.identifier.swb	1761104497
dc.identifier.uri	https://hohpublica.uni-hohenheim.de/handle/123456789/6621
dc.identifier.urn	urn:nbn:de:bsz:100-opus-19059
dc.language.iso	eng
dc.relation.ispartofseries	Hohenheim discussion papers in business, economics and social sciences; 2021,02
dc.rights.license	publ-mit-pod	en
dc.rights.license	publ-mit-pod	de
dc.rights.uri	http://opus.uni-hohenheim.de/doku/lic_mit_pod.php
dc.subject	Pricing algorithm	en
dc.subject	Reinforcement learning	en
dc.subject	Q-learning	en
dc.subject	Price discrimination	en
dc.subject	Fairness	en
dc.subject	Inequity	en
dc.subject.ddc	330
dc.subject.gnd	Preisdiskriminierung	de
dc.subject.gnd	Algorithmus	de
dc.title	Price discrimination with inequity-averse consumers : a reinforcement learning approach	de
dc.type.dcmi	Text	de
dc.type.dini	WorkingPaper	de
local.access	uneingeschränkter Zugriff	en
local.access	uneingeschränkter Zugriff	de
local.bibliographicCitation.publisherPlace	Universität Hohenheim	de
local.export.bibtex	@techreport{Buchali2021, url = {https://hohpublica.uni-hohenheim.de/handle/123456789/6621}, author = {Buchali, Katrin}, title = {Price discrimination with inequity-averse consumers : a reinforcement learning approach}, year = {2021}, school = {Universität Hohenheim}, series = {Hohenheim discussion papers in business, economics and social sciences}, }
local.export.bibtexAuthor	Buchali, Katrin
local.export.bibtexKey	Buchali2021
local.export.bibtexType	@techreport
local.faculty.number	3	de
local.institute.number	520	de
local.opus.number	1905
local.series.issueNumber	2021,02
local.series.title	Hohenheim discussion papers in business, economics and social sciences
local.university	Universität Hohenheim	de
local.university.faculty	Faculty of Business, Economics and Social Sciences	en
local.university.faculty	Fakultät Wirtschafts- und Sozialwissenschaften	de
local.university.institute	Institute for Economics	en
local.university.institute	Institut für Volkswirtschaftslehre	de

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