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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Journal ArticleDOI
Markdown optimization at multiple stores
TL;DR: This article studies a markdown optimization problem commonly faced by many large retailers that involves joint decisions on inventory allocation and markdown pricing at multiple stores subject to various business rules and demonstrates that the proposed approach significantly outperforms the benchmark approaches.
Journal ArticleDOI
An analysis of asymmetry in dynamic pricing of hospitality industry
TL;DR: In this article, the influence of changing tourist arrival on various hotel performance measures related to prices, such as price charges per room, revenue per available room, occupancy rate, and total revenue, was analyzed.
Journal ArticleDOI
To Sell or Not to Sell to an Off-Price Retailer in the Presence of Strategic Consumers
Moutaz Khouja,Xin Liu,Jing Zhou +2 more
TL;DR: In the newsvendor model, strategic consumers choose between buying the product at the regular price or waiting to try to buy it at the discount price as discussed by the authors, but at the cost of losing some strategic consumers to the off-price retailer.
Posted Content
Integrating Dynamic Pricing and Replenishment Decisions Under Supply Capacity Uncertainty
TL;DR: In this article, the authors examined an integrated decision-making process regarding pricing for uncertain demand and sourcing from uncertain supply, which are often studied separately in the literature, and showed that the base stock list price policy fails to achieve optimality even under deterministic demand.
Journal ArticleDOI
Hospitality industry revenue management performance modelling: uncovering issues associated with inconsistencies in price parity across multiple distribution channels in the US hotel market
TL;DR: In this article, the authors proposed a new model which tests hotel online global distribution competency using the following variables: reach, content, consistency and price parity (RCO2P).
References
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