[Market Simulation] MS-194 Diminishing Marginal Utility

Shows how to simulate Customers buying multiple different Products from a Category. The Law of Diminishing Marginal Utility states that after a Customer purchases a Product they are less likely to purchase the same Product again at the same time. This may be the case when the Customer is trying to simultaneously satisfy a range of needs from the Category. For example, the Customer may also be shopping for other members of the household, or the Customer may be planning on consuming the Products at different times.

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-194/

External resources

• [Market Simulation] MS-194 Diminishing Marginal Utility