Journal ArticleDOI
Dynamic Pricing in the Presence of Inventory Considerations: Research Overview, Current Practices, and Future Directions
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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
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Book ChapterDOI
Pricing Strategies in Multi-Channel Retailing of Seasonal Goods
Preetam Basu,Arnab Adhikari +1 more
TL;DR: In this article, the authors present a multi-channel strategy for seasonal fashion items such as summer wear or winter garments or fall fashion collection in online and offline stores, where the dilemma faced by the retailer is whether to start with high Pricing Strategies in Multi-Channel Retailing of Seasonal Goods.
Journal ArticleDOI
Disclosing Low Product Availability: An Online Retailer's Strategy for Mitigating Stockout Risk
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Optimal Pricing Strategies in Presence of Advance Booking Strategies for Complementary Supply Chains
TL;DR: In this paper, the authors deal with a selling problem for two complementary supply chains including a supplier and a shopping center where the commodities are sold by a virtual and a traditional shopping center who present items as complementary shopping centers.
Journal ArticleDOI
Using Prediction Market Prices to Differentiate Factors that Influence the Highest and Lowest Priced Tickets in Dynamic Pricing for Major League Baseball
TL;DR: In this article, the use of prediction markets is extended to explain differences in preferences of fans that purchase different price levels of tickets under dynamic pricing for Major League Baseball, using data from eleven teams, and investigates similarities and differences in variables that affect ticket prices for the highest-priced and lowest-priced tickets.
Journal ArticleDOI
A switching model of dynamic asset selling problem
Mong Shan Ee,Seizo Ikuta +1 more
TL;DR: In this article, the authors propose an asset selling problem with a new selling strategy called the switching strategy, where multiple homogeneous assets on hand must be sold up to a specified deadline, and the seller is permitted to decide between 1) proposing a selling price up front to an appearing buyer and 2) concealing the price and letting the buyer come up with an offer.
References
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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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