Dynamic Pricing and Learning with Finite Inventories
نویسندگان
چکیده
منابع مشابه
Dynamic Pricing and Learning with Finite Inventories
We study a dynamic pricing problem with finite inventory and parametric uncertainty on the demand distribution. Products are sold during selling seasons of finite length, and inventory that is unsold at the end of a selling season, perishes. The goal of the seller is to determine a pricing strategy that maximizes the expected revenue. Inference on the unknown parameters is made by maximum likel...
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Omnichannel retail refers to a seamless integration of an e-commerce channel and a network of brick-andmortar stores. An example is cross-channel fulfillment which allows a store to fulfill online orders in any location. Another is price transparency, which allows customers to compare the online price with store prices. This paper studies a new and widespread problem due to omnichannel retail: ...
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I n many industries, managers face the problem of selling a given stock of items by a deadline. We investigate the problem of dynamically pricing such inventories when demand is price sensitive and stochastic and the firm's objective is to maximize expected revenues. Examples that fit this framework include retailers selling fashion and seasonal goods and the travel and leisure industry, which ...
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Prior work has investigated time and inventory-level dependent pricing of limited inventories with finite selling horizons. We consider a third dimension in addition to time and inventory level that the firms can use in setting their prices: the information that the firm has at the individual customer level. An arriving customer provides a signal to the firm, which is an imperfect indicator of ...
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In this paper, three dynamic pricing models are developed and analyzed. We assume a limited number of a particular asset is offered for sale over a period of time. This asset is perishable and can be an inventory or a manufacturing capacity. During each period, the seller sets a price for this asset. This price is selected from a predetermined discrete set. The maximum amount which a customer i...
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ژورنال
عنوان ژورنال: Operations Research
سال: 2015
ISSN: 0030-364X,1526-5463
DOI: 10.1287/opre.2015.1397