MACHINE LEARNING TO UNCOVER DIFFERENCES IN WILLINGNESS-TO-PAY FOR THEATRE TICKETS

By Alina Ozhegova and Evgeniy M. Ozhegov

Estimation of willingness-to-pay (WTP) is widely spread approach in economics and marketing for problems of optimal pricing and measuring of product value for a customer. Machine learning approaches may help to estimate a range of WTP for theatre tickets and explain main sources of audience heterogeneity in estimates of WTP.

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