Price-demand elasticity as feature in machine learning model for demand forecasting
US12182728B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Feb 3, 2021 |
| Grant date | Dec 31, 2024 |
| Priority date | — |
| Expiry date | Aug 10, 2042 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0206
- WIPO fieldComputer technology
- WIPO sectorElectrical engineering
Abstract
A system and method are disclosed to identify one or more price-demand elasticity causal factors and to forecast demand using the one or more price-demand elasticity causal factors. Embodiments include a computer comprising a processor and memory. Embodiments train a machine learning model to identify one or more external causal factors that influence demand for one or more products. Embodiments train the machine learning model to generate one or more price-demand elasticity causal factors to predict a target outcome for a given product demand. Embodiments predict, with the machine learning model, a demand for the one or more products based, at least in part, on the identified one or more external causal factors and the generated one or more price-demand elasticity causal factors.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.