AI Price is a powerful tool that helps you decide the right online prices for your products. It’s a great way to increase your profit margins and gain more customers.
However, AI can be a costly investment. Whether you decide to hire an in-house team or outsource your AI management, it’s important to factor in the costs.
AI Price is a Bayesian state space model
A Bayesian state space model is a framework for modelling time series data. It treats linear state-space model parameters Th as random variables, rather than fixed but unknown quantities, with a joint prior distribution P(Th) to help you estimate inferences about the models.
To create a Bayesian state-space model object, use bssm with a function handle, which specifies the joint prior distribution of the model parameters. To incorporate data into the model for posterior distribution analysis, pass the model object and the data to the appropriate object function.
bssm uses a standard Kalman filter to compute the joint prior and data likelihood, then samples from this posterior with a Markov chain Monte Carlo algorithm. This allows you to specify non-Gaussian state disturbances and observation innovations. Moreover, the resulting models are more flexible and intuitive than traditional linear models for time series data. You can also use bssm to detect outliers in a time series with non-Gaussian error distributions.
It is unbiased
For all the big AI companies and government agencies who have made statements about making their systems unbiased, they are ignoring an important reality. Even the most fair-minded developers can face inherent trade-offs when maximizing one type of fairness necessarily means sacrificing another.
This is especially true for health care. Using data to train AI could create bias that makes healthcare more inequitable, researchers have found.
To make sure this doesn’t happen to your organization, you need a tool that can help you evaluate bias in your AI system. It should be able to detect issues with your historical data, data from third parties and “proxies” that could cause bias in the algorithms you are testing.
For example, if you have an algorithm that uses cost to determine healthcare needs for patients, it may make the system think that black individuals with certain diseases don’t need as much extra care. This would result in a discriminatory impact on your business and the people that it serves.
It is dynamic
In today’s business environment, it is highly important to use dynamic pricing. It helps you get more conversions and achieve your commercial objectives.
The prices of products can change depending on several factors, such as supply chain, demand, competition, location, time frame and market conditions. This allows you to offer a competitive price that will not leave you with extra profit margins on the table.
However, it is important to know what your commercial objectives are before applying dynamic pricing. For example, if you want to create a ridesharing service, you may need to increase prices during the day or months when there are more people in the area.
This strategy can also be a great way to increase your profits and stay ahead of your competitors. But, it is essential to remember that dynamic pricing can be difficult to implement if customers are not willing to pay extra for your services.
It is a reference
AI Price is a robust and nimble solution to the age old question of what’s the best price for a particular security or bonds. The name of the game is to deliver a consistent price for each trade at all times with minimal disruption to client or counterparty business. With 19,000+ traded corporate bonds on its books, it’s no secret that AI Price is the place to go when looking for a reliable and relevant pricing solution. With a single click, clients can compare apples to apples on the fly and move on to the next trade without wasting time in the dark. It’s no wonder that the award winning AI Price solution is ranked among the most popular solutions in the industry. The name of the game is to provide clients with the best solutions to their business challenges and a measurable ROI.