{"id":"https://openalex.org/W2024229004","doi":"https://doi.org/10.1057/palgrave.jors.2601755","title":"Customer lifetime value: stochastic optimization approach","display_name":"Customer lifetime value: stochastic optimization approach","publication_year":2004,"publication_date":"2004-04-14","ids":{"openalex":"https://openalex.org/W2024229004","doi":"https://doi.org/10.1057/palgrave.jors.2601755","mag":"2024229004"},"language":"en","primary_location":{"id":"doi:10.1057/palgrave.jors.2601755","is_oa":false,"landing_page_url":"https://doi.org/10.1057/palgrave.jors.2601755","pdf_url":null,"source":{"id":"https://openalex.org/S169988927","display_name":"Journal of the Operational Research Society","issn_l":"0160-5682","issn":["0160-5682","1476-9360"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of the Operational Research Society","raw_type":"journal-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5112541518","display_name":"WK Ching","orcid":null},"institutions":[{"id":"https://openalex.org/I889458895","display_name":"University of Hong Kong","ror":"https://ror.org/02zhqgq86","country_code":"HK","type":"education","lineage":["https://openalex.org/I889458895"]}],"countries":["HK"],"is_corresponding":true,"raw_author_name":"W-K Ching","raw_affiliation_strings":["University of Hong Kong Hong Kong China","University of Hong Kong; Hong Kong, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Hong Kong Hong Kong China","institution_ids":["https://openalex.org/I889458895"]},{"raw_affiliation_string":"University of Hong Kong; Hong Kong, China","institution_ids":["https://openalex.org/I889458895"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5141552021","display_name":"M K Ng","orcid":null},"institutions":[{"id":"https://openalex.org/I889458895","display_name":"University of Hong Kong","ror":"https://ror.org/02zhqgq86","country_code":"HK","type":"education","lineage":["https://openalex.org/I889458895"]}],"countries":["HK"],"is_corresponding":false,"raw_author_name":"M K Ng","raw_affiliation_strings":["University of Hong Kong Hong Kong China","University of Hong Kong; Hong Kong, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Hong Kong Hong Kong China","institution_ids":["https://openalex.org/I889458895"]},{"raw_affiliation_string":"University of Hong Kong; Hong Kong, China","institution_ids":["https://openalex.org/I889458895"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5100863869","display_name":"KK Wong","orcid":null},"institutions":[{"id":"https://openalex.org/I889458895","display_name":"University of Hong Kong","ror":"https://ror.org/02zhqgq86","country_code":"HK","type":"education","lineage":["https://openalex.org/I889458895"]}],"countries":["HK"],"is_corresponding":false,"raw_author_name":"K-K Wong","raw_affiliation_strings":["University of Hong Kong Hong Kong China","University of Hong Kong; Hong Kong, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Hong Kong Hong Kong China","institution_ids":["https://openalex.org/I889458895"]},{"raw_affiliation_string":"University of Hong Kong; Hong Kong, China","institution_ids":["https://openalex.org/I889458895"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5090818425","display_name":"Eitan Altman","orcid":"https://orcid.org/0000-0002-2177-9979"},"institutions":[{"id":"https://openalex.org/I1326498283","display_name":"Institut national de recherche en sciences et technologies du num\u00e9rique","ror":"https://ror.org/02kvxyf05","country_code":"FR","type":"government","lineage":["https://openalex.org/I1326498283"]}],"countries":["FR"],"is_corresponding":false,"raw_author_name":"E Altman","raw_affiliation_strings":["INRIA, Sophia-Antipolis Cedex France","Inria, Sophia Antipolis Cedex, France#TAB#"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"INRIA, Sophia-Antipolis Cedex France","institution_ids":["https://openalex.org/I1326498283"]},{"raw_affiliation_string":"Inria, Sophia Antipolis Cedex, France#TAB#","institution_ids":["https://openalex.org/I1326498283"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5112541518"],"corresponding_institution_ids":["https://openalex.org/I889458895"],"apc_list":null,"apc_paid":null,"fwci":5.4274,"has_fulltext":false,"cited_by_count":45,"citation_normalized_percentile":{"value":0.94743104,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"55","issue":"8","first_page":"860","last_page":"868"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12384","display_name":"Customer churn and segmentation","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12384","display_name":"Customer churn and segmentation","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10154","display_name":"Customer Service Quality and Loyalty","score":0.9986000061035156,"subfield":{"id":"https://openalex.org/subfields/1407","display_name":"Organizational Behavior and Human Resource Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11161","display_name":"Consumer Market Behavior and Pricing","score":0.9980999827384949,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/customer-lifetime-value","display_name":"Customer lifetime value","score":0.7111667394638062},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.5815045237541199},{"id":"https://openalex.org/keywords/time-horizon","display_name":"Time horizon","score":0.5448396801948547},{"id":"https://openalex.org/keywords/relationship-marketing","display_name":"Relationship marketing","score":0.5132098197937012},{"id":"https://openalex.org/keywords/marketing","display_name":"Marketing","score":0.5018978118896484},{"id":"https://openalex.org/keywords/operations-research","display_name":"Operations research","score":0.4381030797958374},{"id":"https://openalex.org/keywords/purchasing","display_name":"Purchasing","score":0.43789416551589966},{"id":"https://openalex.org/keywords/digital-marketing","display_name":"Digital marketing","score":0.4195757210254669},{"id":"https://openalex.org/keywords/markov-chain","display_name":"Markov chain","score":0.4170720875263214},{"id":"https://openalex.org/keywords/stochastic-programming","display_name":"Stochastic programming","score":0.4137091636657715},{"id":"https://openalex.org/keywords/return-on-marketing-investment","display_name":"Return on marketing investment","score":0.4112771153450012},{"id":"https://openalex.org/keywords/mathematical-optimization","display_name":"Mathematical optimization","score":0.4044334888458252},{"id":"https://openalex.org/keywords/service","display_name":"Service (business)","score":0.35203057527542114},{"id":"https://openalex.org/keywords/marketing-management","display_name":"Marketing management","score":0.34319984912872314},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.30922722816467285},{"id":"https://openalex.org/keywords/customer-advocacy","display_name":"Customer advocacy","score":0.19581863284111023},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.1633281111717224},{"id":"https://openalex.org/keywords/service-quality","display_name":"Service quality","score":0.15311595797538757}],"concepts":[{"id":"https://openalex.org/C130721881","wikidata":"https://www.wikidata.org/wiki/Q1146253","display_name":"Customer lifetime value","level":5,"score":0.7111667394638062},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.5815045237541199},{"id":"https://openalex.org/C28761237","wikidata":"https://www.wikidata.org/wiki/Q7805321","display_name":"Time horizon","level":2,"score":0.5448396801948547},{"id":"https://openalex.org/C54649085","wikidata":"https://www.wikidata.org/wiki/Q574424","display_name":"Relationship marketing","level":3,"score":0.5132098197937012},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.5018978118896484},{"id":"https://openalex.org/C42475967","wikidata":"https://www.wikidata.org/wiki/Q194292","display_name":"Operations research","level":1,"score":0.4381030797958374},{"id":"https://openalex.org/C2778813691","wikidata":"https://www.wikidata.org/wiki/Q1369832","display_name":"Purchasing","level":2,"score":0.43789416551589966},{"id":"https://openalex.org/C98495876","wikidata":"https://www.wikidata.org/wiki/Q1323528","display_name":"Digital marketing","level":2,"score":0.4195757210254669},{"id":"https://openalex.org/C98763669","wikidata":"https://www.wikidata.org/wiki/Q176645","display_name":"Markov chain","level":2,"score":0.4170720875263214},{"id":"https://openalex.org/C137631369","wikidata":"https://www.wikidata.org/wiki/Q7617831","display_name":"Stochastic programming","level":2,"score":0.4137091636657715},{"id":"https://openalex.org/C39453970","wikidata":"https://www.wikidata.org/wiki/Q7317267","display_name":"Return on marketing investment","level":3,"score":0.4112771153450012},{"id":"https://openalex.org/C126255220","wikidata":"https://www.wikidata.org/wiki/Q141495","display_name":"Mathematical optimization","level":1,"score":0.4044334888458252},{"id":"https://openalex.org/C2780378061","wikidata":"https://www.wikidata.org/wiki/Q25351891","display_name":"Service (business)","level":2,"score":0.35203057527542114},{"id":"https://openalex.org/C192975520","wikidata":"https://www.wikidata.org/wiki/Q1143466","display_name":"Marketing management","level":2,"score":0.34319984912872314},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.30922722816467285},{"id":"https://openalex.org/C31367271","wikidata":"https://www.wikidata.org/wiki/Q5196444","display_name":"Customer advocacy","level":4,"score":0.19581863284111023},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1633281111717224},{"id":"https://openalex.org/C140781008","wikidata":"https://www.wikidata.org/wiki/Q1221081","display_name":"Service quality","level":3,"score":0.15311595797538757},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1057/palgrave.jors.2601755","is_oa":false,"landing_page_url":"https://doi.org/10.1057/palgrave.jors.2601755","pdf_url":null,"source":{"id":"https://openalex.org/S169988927","display_name":"Journal of the Operational Research Society","issn_l":"0160-5682","issn":["0160-5682","1476-9360"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of the Operational Research Society","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:pal:jorsoc:v:55:y:2004:i:8:d:10.1057_palgrave.jors.2601755","is_oa":false,"landing_page_url":"http://link.springer.com/10.1057/palgrave.jors.2601755","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:hub.hku.hk:10722/156156","is_oa":false,"landing_page_url":"http://hdl.handle.net/10722/156156","pdf_url":null,"source":{"id":"https://openalex.org/S4377196271","display_name":"The HKU Scholars Hub (University of Hong Kong)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I889458895","host_organization_name":"University of Hong Kong","host_organization_lineage":["https://openalex.org/I889458895"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Article"}],"best_oa_location":null,"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":14,"referenced_works":["https://openalex.org/W1518931405","https://openalex.org/W2077806964","https://openalex.org/W2093139776","https://openalex.org/W2104422987","https://openalex.org/W2127624016","https://openalex.org/W2137247419","https://openalex.org/W2322524800","https://openalex.org/W2333917273","https://openalex.org/W2341517415","https://openalex.org/W3135604143","https://openalex.org/W4214702734","https://openalex.org/W4255489354","https://openalex.org/W4285719527","https://openalex.org/W4300306656"],"related_works":["https://openalex.org/W3138760849","https://openalex.org/W3033923386","https://openalex.org/W2045475564","https://openalex.org/W1985198755","https://openalex.org/W2355493383","https://openalex.org/W583681246","https://openalex.org/W4226320320","https://openalex.org/W3210032805","https://openalex.org/W2345978201","https://openalex.org/W3014723425"],"abstract_inverted_index":{"Since":[0],"the":[1,4,18,31,37,40,47,50,83],"early":[2],"1980s,":[3],"concept":[5],"of":[6,20,27,33,49,85,89,105],"relationship":[7,28,41],"marketing":[8,29,42],"has":[9],"been":[10],"becoming":[11],"important":[12,57],"in":[13,17,59,63],"general":[14],"marketing,":[15],"especially":[16],"area":[19],"direct":[21],"and":[22,45,66,92],"interactive":[23],"marketing.":[24],"The":[25,97],"core":[26],"is":[30,43,55,99],"maintenance":[32],"long-term":[34],"relationships":[35],"with":[36,78],"customers.":[38],"However,":[39],"costly":[44],"therefore,":[46],"determination":[48],"customer":[51],"lifetime":[52],"value":[53],"(CLV)":[54],"an":[56],"element":[58],"making":[60],"strategic":[61],"decisions":[62],"both":[64],"advertising":[65],"promotion.":[67],"In":[68],"this":[69],"paper,":[70],"we":[71],"propose":[72],"a":[73,79,106],"stochastic":[74],"dynamic":[75],"programming":[76],"model":[77,98],"Markov":[80],"chain":[81],"for":[82],"optimization":[84],"CLV.":[86],"Both":[87],"cases":[88],"infinite":[90],"horizon":[91,94],"finite":[93],"are":[95],"discussed.":[96],"then":[100],"applied":[101],"to":[102],"practical":[103],"data":[104],"computer":[107],"service":[108],"company.":[109]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":3},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":4},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":2},{"year":2012,"cited_by_count":1}],"updated_date":"2026-07-23T08:03:31.855105","created_date":"2025-10-10T00:00:00"}