Hey future Business Scientists, welcome back to my Business Science channel. This is Learning Lab 87 where I shared how I do Price Elasticity Modeling and Price Optimization in Python. This FULL TUTORIAL is JAMMED to the brim with value. I cover an in-depth Python Price Elasticity and Optimization workshop that covers exploratory analysis, modeling events, working with outliers, using generalized additive models (GAMs) with pyGAM, and more!

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💥 Learn Python with Me: https://learn.business-science.io/2-c...

Table of Contents
00:00 Introduction to Price Elasticity & Optimization in Python
01:22 Agenda: The 4 Things We Cover Today
03:09 Why listen to me (my background)
06:19 Python Price Optimization (FULL CODE TUTORIAL)
07:35 The VSCode Workshop Files
09:10 Part 1: Expectile GAM Primer
12:10 GAM Modeling: 1 Price-Demand Model with GAMs
16:36 Part 2: Price Elasticity Modeling and Optimization
19:40 Data Preparation: Adding Is Event and Revenue
22:17 Exploratory Data Analysis for Price Elasticity
24:46 Special Event Analysis (Outliers)
31:20 Story: My Dinner with a $1Billion Dollar Per Year Company (How they price)
34:11 Linear Regression: Modeling the Effect of Events
41:05 GAMs: Modeling the "Every-Day" Price
47:00 Visualization: Price-Quantity Model Profiles
48:45 Price Optimization Objective: Maximize Revenue
51:51 Visualize the Revenue Optimization
55:32 GAMs: Modeling the "Special Event" Price
1:01:29 Conclusions: Why do companies hire data scientists?

#DataScience #MachineLearning #Python