Ranking products according to their price and probability of sale

salt

New Member
#1
Hello!

I have little knowledge of statistics/probability theory, so please bear with me.

I was wondering about the following: I have a bunch of products, and each of them have both a price x and a "probability of sale" p. The probability of sale indicates how likely a specific user is to buy a specific product. Suppose I want to show the one product to the user, that is most profitable, both in terms of price and probability of sale. Which statistical method could I use to calculate that?

I mean, I don't want to show the user a product with a very high probability of sale, but a very low price, and also not a product with a very low probability and a high price.

So I'm looking for something that I could use to "rank" products according to their profitability, both in terms of price and probability of sale.

I assume there is a better option than just x*p?

I'm not asking for someone to come up with a solution for me, but it would be nice if someone could point me in the right direction. I just don't know where to start.


Thanks a lot.
 
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