[Market Simulation] MS-192 Switching Costs

After a Customer selects a Product to buy, their Willingness To Pay (WTP) for all of the other Products in the Category may decrease due to Switching Costs. For example, if a Customer invests in the use of a Product then this investment would be lost if the Customer were to switch to a different Product. Switching Costs describe any impediment to a Customer changing suppliers.

Uses the KNIME Extension: Market Simulation by Scientific Strategy - Community Edition

A comprehensive description of this workflow with step-by-step instructions can be found at the Scientific Strategy website:
https://scientificstrategy.com/ms-192/

External resources

• [Market Simulation] MS-192 Switching Costs