{"title":"Digital marketplace: The role of probabilistic selling strategies in the travel industry","authors":"Tongyuan Shen , Justin Downs , Xiao Hou , Yanfei Wang","doi":"10.1016/j.ject.2023.10.003","DOIUrl":"https://doi.org/10.1016/j.ject.2023.10.003","url":null,"abstract":"<div><p>With the rise of the digital economy and the depression in the travel industry due to the Covid-19 pandemic, the feasibility and profitability of innovative products on digital platforms, such as probabilistic selling, have garnered significant public attention. This paper utilizes a Salop circular city model featuring a single digital platform, two sellers, and a continuum of consumers to investigate the impact of probabilistic selling on the profits of the digital platform and sellers. We demonstrate that when the consumption utility is relatively low and product differentiation is at a moderate level, the market is in partial coverage. Offering appropriate probabilistic selling products in such cases expands the market, benefiting the digital platform, sellers and consumers simultaneously. Our findings contribute to the existing research on probabilistic selling techniques, digital business models, and the travel industry (e.g., hotel, car rental, airline).</p></div>","PeriodicalId":100776,"journal":{"name":"Journal of Economy and Technology","volume":"1 ","pages":"Pages 75-93"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949948823000094/pdfft?md5=0861a8e836071bdd7d2e18839e6ec335&pid=1-s2.0-S2949948823000094-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92045652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Karan Gadgil, Sukhpal Singh Gill, Ahmed M. Abdelmoniem
{"title":"A meta-learning based stacked regression approach for customer lifetime value prediction","authors":"Karan Gadgil, Sukhpal Singh Gill, Ahmed M. Abdelmoniem","doi":"10.1016/j.ject.2023.09.001","DOIUrl":"10.1016/j.ject.2023.09.001","url":null,"abstract":"<div><p>Companies across the globe are keen on targeting potential high-value customers in an attempt to expand revenue, and this could be achieved only by understanding the customers more. Customer lifetime value (CLV) is the total monetary value of transactions or purchases made by a customer with the business over an intended period of time and is used as a means to estimate future customer interactions. CLV finds application in a number of distinct business domains, such as banking, insurance, online entertainment, gaming, and e-commerce. The existing distribution-based and basic (recency, frequency, and monetary)-based models face limitations in terms of handling a wide variety of input features. Moreover, the more advanced deep learning approaches could be superfluous and add an undesirable element of complexity in certain application areas. We, therefore, propose a system that is able to qualify as both effective and comprehensive, yet simple and interpretable. With that in mind, we develop a meta-learning-based stacked regression model that combines the predictions from bagging and boosting models that are found to perform well individually. Empirical tests have been carried out on an openly available online retail dataset to evaluate various models and show the efficacy of the proposed approach.</p></div>","PeriodicalId":100776,"journal":{"name":"Journal of Economy and Technology","volume":"1 ","pages":"Pages 197-207"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2949948823000045/pdfft?md5=3838da8083f490080bc4493a6efe14df&pid=1-s2.0-S2949948823000045-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135429349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}