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
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Proceedings ArticleDOI
Knowledge-Based Bundling of Smart Products on a Mobile Recomendation Agent
TL;DR: This paper shows how an in-store bundling scenario can be supported by semantically enriched products (denoted as smart products) that provide dynamic product information through the use of mobile recommendation agents (MRA).
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Efficient formulations for pricing under attraction demand models
TL;DR: This work considers a retailer offering an assortment of differentiated substitutable products to a population of customers that are price-sensitive, and proposes an approximation of demand models with multiple overlapping customer segments that can be solved efficiently with commercial software.
Journal ArticleDOI
Competitive dynamic pricing with alternating offers: Theory and experiment
TL;DR: This analysis suggests that when she is known to be strategic price offers over the entire selling season are constant, lengthening the season increases (generally decreases) both sellersʼ profits when the buyer is myopic (strategic).
Journal ArticleDOI
Two-period dynamic versus fixed-ratio pricing in a capacity constrained duopoly
Abdullah Dasci,Mustafa Karakul +1 more
TL;DR: Although dynamic pricing is a more sophisticated policy than fixed-ratio pricing, it may lead to decreased equilibrium profits and the supply demand ratio has more impact on the outcome of the competition than the heterogeneity in consumer reservation prices.
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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