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Erschienen in:
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2013 | OriginalPaper | Buchkapitel

5. Markov Decision Processes for Customer Lifetime Value

verfasst von : Wai-Ki Ching, Ximin Huang, Michael K. Ng, Tak-Kuen Siu

Erschienen in: Markov Chains

Verlag: Springer US

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Abstract

In this chapter a stochastic dynamic programming model with a Markov chain is proposed to capture customer behavior. The advantage of using Markov chains is that the model can take into account the customers switching between the company and its competitors. Therefore customer relationships can be described in a probabilistic way, see for instance Pfeifer and Carraway [170]. Stochastic dynamic programming is then applied to solve the optimal allocation of the promotion budget for maximizing the Customer Lifetime Value (CLV). The proposed model is then applied to practical data in a computer services company.

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Vorheriges Kapitel A Hidden Markov Model for Customer Classification
Nächstes Kapitel Higher-Order Markov Chains
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Metadaten
Titel
Markov Decision Processes for Customer Lifetime Value
verfasst von
Wai-Ki Ching
Ximin Huang
Michael K. Ng
Tak-Kuen Siu
Copyright-Jahr
2013
Verlag
Springer US
Buch
Markov Chains

Print ISBN: 978-1-4614-6311-5

Electronic ISBN: 978-1-4614-6312-2

Copyright-Jahr: 2013

DOI
https://doi.org/10.1007/978-1-4614-6312-2_5