Solving a Pricing Problem Under Irrational Behavior

Solving a Pricing Problem Under Irrational Behavior

Explore a DS4DM Coffee Talk presentation that delves into solving pricing problems when faced with irrational consumer behavior. Learn about the limitations of traditional microeconomic theory's rationality assumption and discover how to develop behavioral models that account for apparent irrationality in consumer choices. Examine empirical evidence challenging conventional wisdom and gain insights into formulating pricing strategies that consider these complex behavioral patterns. Presented by Michel Bierlaire from École Polytechnique Fédérale de Lausanne (EPFL), this 54-minute talk offers valuable perspectives on adapting economic models to real-world consumer decision-making processes.