Tag Archives: willingness-to-pay

Utility-based recommendation systems

Decisions are hard, and with access to more and more options, we as customers encounter our limitations when it comes to making purchase choices. Luckily, companies provide us with recommendation systems that help the customer choose. They suggest similar products, link it to previous behaviour or show us what other customers have chosen. But recommendation systems do not only help the customers.  With the collection of all this, mostly personalized, data, it could also provide the company with more detailed information about their customers. This information can be used to come up with personal offers or adjustment of the prices based on the popularity of products.

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