Journal ArticleDOI
Dynamic Pricing in the Presence of Inventory Considerations: Research Overview, Current Practices, and Future Directions
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TLDR
In this paper, a review of the literature and current practices in dynamic pricing is presented, where the focus is on dynamic (intertemporal) pricing in the presence of inventory considerations.Abstract:
The benefits of dynamic pricing methods have long been known in industries, such as airlines, hotels, and electric utilities, where the capacity is fixed in the short-term and perishable. In recent years, there has been an increasing adoption of dynamic pricing policies in retail and other industries, where the sellers have the ability to store inventory. Three factors contributed to this phenomenon: (1) the increased availability of demand data, (2) the ease of changing prices due to new technologies, and (3) the availability of decision-support tools for analyzing demand data and for dynamic pricing. This paper constitutes a review of the literature and current practices in dynamic pricing. Given its applicability in most markets and its increasing adoption in practice, our focus is on dynamic (intertemporal) pricing in the presence of inventory considerations.read more
Citations
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Marginal productivity index policies for dynamic priority allocation in restless bandit models
TL;DR: In this article, the authors address three complex stochastic and dynamic resource allocation problems: admission control and routing with delayed information, dynamic product promotion and Knapsack Problem for Perishable Items, and congestion control in Routers with future path information.
Journal ArticleDOI
Two-period pricing and inventory decisions of perishable products with partial lost sales
TL;DR: In this paper , a two-period dynamic pricing and inventory decision model for perishable products with partial lost sales is developed to reduce food waste, where the first inventory decision is made at the beginning of the selling season and used to detect the market information, and the second decision is to update the inventory level by reordering or returning based on the fully-realized market demand information.
Journal ArticleDOI
Pricing of fresh food enterprises in different market structures
TL;DR: By considering the quality changes of fresh products over time, this paper models a situation wherein substitutable fresh products are sold and the seller makes decisions regarding the times to markdown prices and offer discount rates.
References
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Book
The Economics of Welfare
TL;DR: Aslanbeigui et al. as mentioned in this paper discussed the relationship between the national dividend and economic and total welfare, and the size of the dividend to the allocation of resources in the economy and the institutional structure governing labor market operations.
Journal ArticleDOI
A New Product Growth for Model Consumer Durables
TL;DR: A growth model for the timing of initial purchase of new products is developed and tested empirically against data for eleven consumer durables, and a long-range forecast is developed for the sales of color television sets.
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A new product growth model for consumer durables
TL;DR: In this article, a growth model for the timing of initial purchase of new products is proposed, and a behavioral rationale for the model is offered in terms of innovative and imitative behavior.
Posted Content
Auctions and Bidding
R. Preston McAfee,John McMillan +1 more
TL;DR: Hayek as mentioned in this paper argued that the problem of rational economic order is determined by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits of incomplete and frequently contradictory knowledge which all the separate individuals possess.
Journal ArticleDOI
Noncooperative collusion under imperfect price information
Edward J. Green,Robert H. Porter +1 more
TL;DR: In this paper, the authors examine the nature of cartel self-enforcement in the presence of demand uncertainty and present a model of a non-cooperatively supported cartel, and the aspects of industry structure which would make such a cartel viable.
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