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Modelling and analysis of network information data for product purchasing decisions

ASADUZZAMAN, Md, JAYAWICKRAMA, Uchitha and GALLAGE, Samanthika (2021) Modelling and analysis of network information data for product purchasing decisions. In: Advances in Data Science and Information Engineering. Springer, Switzerland, pp. 83-97. ISBN 978-3-030-71704-9

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Abstract or description

Technology has enabled consumers to gain product information from different online platforms such as social networks, online product reviews and other digital media. Large manufacturers and retailers can make use of this network information to forecast accurately, to manage the demand and thereby to improve profit margin, efficiency, etc. This paper proposes a novel framework to model and analyses consumers' purchase decision for product choices based on information obtained from two different information networks. The model has also taken into account variables such as socio-economic, and demographic characteristics. We develop a utility-based discrete choice model (DCM) to quantify the effect of consumers' attitudinal factors from two different information networks, namely, social network and product information network. The network information modelling and analysis are discussed in detail taking into account the model complexity, heterogeneity and asymmetry due to the dimension, layer and scale of information in each type of network. The likelihood function, parameter estimation and inference procedures of the full model are also derived for the model. Finally, extensive numeric investigations were carried out to establish the model framework.

Item Type: Book Chapter, Section or Conference Proceeding
Uncontrolled Keywords: Consumer purchase decision, Social media analytics, Discrete choice model, Network information analysis
Faculty: School of Digital, Technologies and Arts > Engineering
Depositing User: Md ASADUZZAMAN
Date Deposited: 08 Nov 2021 15:30
Last Modified: 24 Feb 2023 14:02

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