I've been pressed to find a similar existing example of what I'm trying to do, but maybe i'm not phrasing it incorrectly.
Essentially, I want to do a dynamic pricing model. Create a formula where i take the correlation coefficients of various variables related to pricing, and then when calculating a certain price, increment the price using a combination of the other variable value and its correlation coefficient to price.
Essentially creating some sort of weight value from the correlation coefficient that affects the calculations(the weights would get updated as the correlation coefficients get updated, as new datasets come in)
So if you have the variables : price, distance, timerange1(binary),timerange2(binary)
price = initial price + distance*correlation + timerange(0 or 1)*corr +timerange2(0 or 1)*corr
The operators in there are placeholders just to get the idea across, I was wondering if there is an established way of doing something like this, or the closest thing I could base this off of?