Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)

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

Authors
Sicheng Geng1, *, Fangfei Liu2, Meilin Gong3, Tianhai Wu1, Yufei Li3
1Finance School, Harbin University of Commerce, Harbin, 150028, China
2School of Economics, Harbin University of Commerce, Harbin, 150028, China
3College of Public Finance and Administration, Harbin University of Commerce, Harbin, 150028, China
*Corresponding author. Email: 2440819051@qq.com
Corresponding Author
Sicheng Geng
Available Online 19 December 2024.
DOI
10.2991/978-94-6463-598-0_44How to use a DOI?
Keywords
Consumer Choice Theory; Deep Learning; Consumer Preferences
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.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)
Series
Advances in Economics, Business and Management Research
Publication Date
19 December 2024
ISBN
978-94-6463-598-0
ISSN
2352-5428
DOI
10.2991/978-94-6463-598-0_44How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Sicheng Geng
AU  - Fangfei Liu
AU  - Meilin Gong
AU  - Tianhai Wu
AU  - Yufei Li
PY  - 2024
DA  - 2024/12/19
TI  - Applying Deep Learning Models to Consumer Choice Theory in Western Economics: A Case Study on Consumer Preference Prediction
BT  - Proceedings of the 2024 3rd International Conference on Public Service, Economic Management and Sustainable Development (PESD 2024)
PB  - Atlantis Press
SP  - 436
EP  - 446
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-598-0_44
DO  - 10.2991/978-94-6463-598-0_44
ID  - Geng2024
ER  -