Applying Deep Learning Models to Consumer Choice Theory in Western Economics: A Case Study on Consumer Preference Prediction

Sicheng Geng (), Fangfei Liu, Meilin Gong, Tianhai Wu and Yufei Li
Additional contact information
Sicheng Geng: Harbin University of Commerce, Finance School
Fangfei Liu: Harbin University of Commerce, School of Economics
Meilin Gong: Harbin University of Commerce, College of Public Finance and Administration
Tianhai Wu: Harbin University of Commerce, Finance School
Yufei Li: Harbin University of Commerce, College of Public Finance and Administration

A chapter in Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024), 2024, pp 436-446 from Springer

Abstract: Abstract This paper explores the application of Multilayer Perceptron (MLP) models in predicting consumer preferences within the framework of Western economics’ consumer choice theory. Leveraging a dataset encompassing a wide array of consumer choices across different product categories, this study employs an MLP to simulate and forecast consumer behavior in response to varying prices and product characteristics. This research contributes to the growing body of literature at the intersection of artificial intelligence and economics, offering a novel approach to understanding and predicting consumer behavior.

Keywords: Consumer Choice Theory; Deep Learning; Consumer Preferences (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-598-0_44

Ordering information: This item can be ordered from
http://www.springer.com/9789464635980

DOI: 10.2991/978-94-6463-598-0_44

Access Statistics for this chapter

More chapters in Advances in Economics, Business and Management Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().