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A probabilistic choice model for the product line design problem

Tsafarakis Stelios, Lakiotaki Kleanthi, Matsatsinis Nikolaos, Doulamis Anastasios

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URIhttp://purl.tuc.gr/dl/dias/A1E16CFA-D736-40F1-9060-376FF00181DA-
Identifierhttps://doi.org/10.1109/ICSMC.2008.4811475-
Languageen-
Extent6 pagesen
TitleA probabilistic choice model for the product line design problemen
CreatorTsafarakis Steliosen
CreatorΤσαφαρακης Στελιοςel
CreatorLakiotaki Kleanthien
CreatorΛακιωτακη Κλεανθηel
CreatorMatsatsinis Nikolaosen
CreatorΜατσατσινης Νικολαοςel
CreatorDoulamis Anastasiosen
CreatorΔουλαμης Αναστασιοςel
PublisherInstitute of Electrical and Electronics Engineersen
Content SummaryDesigning optimal product lines is essential for any firm to stay competitive. Whereas a large number of optimization algorithms have been applied for solving the problem, most of them adopt the first choice rule to simulate the consumer's choice process. Researchers avoid using probabilistic choice models, such as the logit, since they tend to produce duplicate products in the line, due to the IIA problem. Furthermore preference heterogeneity among consumers is a factor usually neglected, although its representation form has a substantial impact in the design of the product line. We propose a probabilistic choice model that can be used with algorithms that solve the optimal product line design problem, using the share of choices criterion. Our model deals with the IIA problem, by incorporating the similarity among products through the use of a corrective method. In addition, preference heterogeneity among consumers is effectively represented, while the model's predictive accuracy is optimized through the use of Stochastic Logarithmic Search and Genetic Algorithms.en
Type of ItemΑφίσα σε Συνέδριοel
Type of ItemConference Posteren
Licensehttp://creativecommons.org/licenses/by/4.0/en
Date of Item2015-10-20-
Date of Publication2008-
Subject--Cases, clinical reports, statisticsen
Subject--Statistical dataen
Subjectstatisticsen
Subjectcases clinical reports statisticsen
Subjectstatistical dataen
Bibliographic CitationS.Tsafarakis, K. Lakiotaki, A. D. Doulamis, N. F. Matsatsinis," A probabilistic choice model for the product line design problem,"in 2008 IEEE Inter. Conf. on Systems, Man and Cyberneticspp,pp. 1361-1366.doi: 10.1109/ICSMC.2008.4811475en

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