Adaptive Pricing Mechanisms in Consumer Banking: Reinforcement Learning Models for Real-Time Financial Product Valuation
Keywords:
adaptive pricing mechanisms, consumer banking, reinforcement learning models, real-time financial product valuation, machine learningAbstract
Dynamic pricing is a strategy that individualizes prices or offers to different customers based on their responsiveness and the prices offered and/or the product features. Based on the response to the first price offered, the firm may also choose not to offer a second price. There are three main types of dynamic pricing strategies. The first is to determine a sequence of prices in advance or to commit to a sequence of prices using information only on the first price realized.Downloads
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