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- W2978528708 abstract "A firm's potential reward in future time from a customer can be determined by customer lifetime value (CLV). There are some mathematic methods to calculate it. One method is using Markov chain stochastic model. Here, a customer is assumed through some states. Transition inter the states follow Markovian properties. If we are given some states for a customer and the relationships inter states, then we can make some Markov models to describe the properties of the customer. As Markov models, CLV is defined as a vector contains CLV for a customer in the first state. In this paper we make a classification of Markov Models to calculate CLV. Start from two states of customer model, we make develop in many states models. The development a model is based on weaknesses in previous model. Some last models can be expected to describe how real characters of customers in a firm." @default.
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- W2978528708 date "2017-10-01" @default.
- W2978528708 modified "2023-10-06" @default.
- W2978528708 title "Classification of customer lifetime value models using Markov chain" @default.
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- W2978528708 doi "https://doi.org/10.1088/1742-6596/893/1/012026" @default.
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