Consider the following scenario. I am a sculpturer and customers ask me for what price I am willing to provide them with some statues. Their request for sculptures can vary in difficulty, quantity, material, size. In response, I reply with the price and subsequently they will either accept or reject (1 or 0) my proposal. I know of traditional machine learning methods that I can train to predict the probability of acceptance given all inputs.
In this case the price can be influenced by myself. Not let's assume that my expected profit is this function: (quantity * price * (probability_of_acceptance)). I would like to respond to the customers with the price where this expected profit is the highest. Of course you can input different prices in the machine learning model, which will give you some kind of probability acceptance curve that you can subsequently optimize against. But I am looking to do this in one go.
I am wondering:
- What is the theoretical name for this type of problem?
- What machine learning method is suitable here?
- Are there any python packages that implement these models?