Journal ArticleDOI
Dynamic Pricing in the Presence of Inventory Considerations: Research Overview, Current Practices, and Future Directions
Reads0
Chats0
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
More filters
Journal ArticleDOI
Coordinating Inventory Control and Pricing Strategies with Random Demand and Fixed Ordering Cost: The Infinite Horizon Case
Xin Chen,David Simchi-Levi +1 more
TL;DR: An infinite horizon, single-product, periodic review model in which pricing and production/inventory decisions are made simultaneously is analyzed, showing that a stationary ( s,S,p) policy is optimal for both the discounted and average profit models with general demand functions.
Journal ArticleDOI
Demand functions in decision modeling : a comprehensive survey and research directions
TL;DR: A comprehensive survey of commonly used demand models which depend on price, rebate, lead time, space, quality, and quality, as well as game theoretic multifirm models involving strategic interaction among the firms.
Journal ArticleDOI
A dynamic product quality evaluation based pricing model for perishable food supply chains
Xiaojun Wang,Dong Li +1 more
TL;DR: In this paper, a pricing approach based on dynamically identified food shelf life is proposed to reduce food spoilage waste and maximize food retailer's profit through a pricing model to improve visibility and traceability in food supply chains facilitated by tracking and tracing technologies.
Journal ArticleDOI
A Dynamic Near-Optimal Algorithm for Online Linear Programming
TL;DR: In this article, a learning-based algorithm is proposed to dynamically update a threshold price vector at geometric time intervals, where the dual prices learned from the revealed columns in the previous period are used to determine the sequential decisions in the current period.
Journal ArticleDOI
Pricing policies under direct vs. indirect channel competition and national vs. store brand competition
TL;DR: Analyzes channel pricing in multiple distribution channels under competition between a national brand (NB) and a store brand (SB) to reach two findings: brand loyalty building is profitable for both an NB and an SB; and marketing decisions are more restrictive for an NB channel than they are for the SB channel.
References
More filters
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.
Book ChapterDOI
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.
Related Papers (5)
Optimal dynamic pricing of inventories with stochastic demand over finite horizons
Commissioned Paper: An Overview of Pricing Models for Revenue Management
Gabriel R. Bitran,René Caldentey +1 more