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Article: Customer Migration, Campaign Budgeting, Revenue Estimation: The Elasticity of Markov Decision Process on Customer Lifetime Value

TitleCustomer Migration, Campaign Budgeting, Revenue Estimation: The Elasticity of Markov Decision Process on Customer Lifetime Value
Authors
KeywordsCustomer lifetime value
Higher-order Markov decision process
Issue Date2004
PublisherInstitutul National de Cercetare-Dezvoltare in Informatica (ICI). The Journal's web site is located at http://www.ici.ro/camo/journal/jamo.htm
Citation
Advanced Modeling and Optimization, 2004, v. 6 n. 2, p. 65-80 How to Cite?
AbstractTo predict the profitability of a customer, today’s firms have to practice Customer Lifetime Value (CLV) computation. Different approaches are proposed in the last ten years to analyze the complex customer phenomenon. One of them is Markov Decision Process (MDP) model. The class of Markov Models is an effective and a flexibility decision model. Whereas the use of MDP model is limited by its assumption, in this paper, we attempt to introduce an extension model for MDP: Higher-order Markov Decision Model (HMDP). HMDP can perform excellently in CLV calculation and overcome the limitation of MDP. By using a real application, we will demonstrate how it can be used efficiently in a firm’s daily operations.
Persistent Identifierhttp://hdl.handle.net/10722/75436
ISSN

 

DC FieldValueLanguage
dc.contributor.authorChing, WKen_HK
dc.contributor.authorNg, MKen_HK
dc.contributor.authorSo, MMen_HK
dc.date.accessioned2010-09-06T07:11:06Z-
dc.date.available2010-09-06T07:11:06Z-
dc.date.issued2004en_HK
dc.identifier.citationAdvanced Modeling and Optimization, 2004, v. 6 n. 2, p. 65-80en_HK
dc.identifier.issn1841-4311en_HK
dc.identifier.urihttp://hdl.handle.net/10722/75436-
dc.description.abstractTo predict the profitability of a customer, today’s firms have to practice Customer Lifetime Value (CLV) computation. Different approaches are proposed in the last ten years to analyze the complex customer phenomenon. One of them is Markov Decision Process (MDP) model. The class of Markov Models is an effective and a flexibility decision model. Whereas the use of MDP model is limited by its assumption, in this paper, we attempt to introduce an extension model for MDP: Higher-order Markov Decision Model (HMDP). HMDP can perform excellently in CLV calculation and overcome the limitation of MDP. By using a real application, we will demonstrate how it can be used efficiently in a firm’s daily operations.-
dc.languageengen_HK
dc.publisherInstitutul National de Cercetare-Dezvoltare in Informatica (ICI). The Journal's web site is located at http://www.ici.ro/camo/journal/jamo.htmen_HK
dc.relation.ispartofAdvanced Modeling and Optimizationen_HK
dc.subjectCustomer lifetime value-
dc.subjectHigher-order Markov decision process-
dc.titleCustomer Migration, Campaign Budgeting, Revenue Estimation: The Elasticity of Markov Decision Process on Customer Lifetime Valueen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=1841-4311&volume=6&issue=2&spage=65&epage=80&date=2004&atitle=Customer+Migration,+Campaign+Budgeting,+Revenue+Estimation:+ The+Elasticity+of+Markov+Decision+Process+on+Customer+Lifetime+Valueen_HK
dc.identifier.emailChing, WK: wching@hkucc.hku.hken_HK
dc.identifier.emailNg, MK: kkpong@hku.hken_HK
dc.identifier.emailSo, MM: mekoso@graduate.hku.hken_HK
dc.identifier.authorityChing, WK=rp00679en_HK
dc.description.naturelink_to_OA_fulltext-
dc.identifier.hkuros97992en_HK
dc.identifier.volume6-
dc.identifier.issue2-
dc.identifier.spage65-
dc.identifier.epage80-
dc.publisher.placeRomania-

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