Topic
Dynamic pricing
About: Dynamic pricing is a research topic. Over the lifetime, 4144 publications have been published within this topic receiving 91390 citations. The topic is also known as: surge pricing & demand pricing.
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Patent•
04 Jun 2010
TL;DR: In this paper, a method of dynamically adjusting prices of items using a processor based upon the cross-price effects on demand of associated items based upon offering the associated items at different prices during different time periods was proposed.
Abstract: A method of dynamically adjusting prices of items using a processor based upon the cross-price effects on demand of associated items based upon offering the associated items at different prices during different time periods.
48 citations
TL;DR: In this article, the authors analyzed whether the prices established by companies in the Spanish gasoline market, after the restructuring process, fit with a tacit collusion equilibrium, and they showed that a strategic behaviour of companies occurs and is compatible with the tacit collusion price strategy.
48 citations
01 Dec 2012
TL;DR: The results show that the autonomous software agent outperforms traditional short- and long-term predictive methodologies significantly, resulting in accurate prediction of customer order probabilities, and competitive market prices, and has the potential to produce higher profits.
Abstract: textMany enterprises that participate in dynamic markets need to make product pricing and inventory resource utilization decisions in real time. We describe a family of statistical models that addresses these needs by combining characterization of the economic environment with the ability to predict future economic conditions to make tactical (short-term) decisions, such as product pricing, and strategic (long-term) decisions, such as level of finished goods inventories. Our models characterize economic conditions, called economic regimes, in the form of recurrent statistical patterns that have clear qualitative interpretations. We show how these models can be used to predict prices, price trends, and the probability of receiving a customer order at a given price. These “regime” models are developed using statistical analysis of historical data and are used in real time to characterize observed market conditions and predict the evolution of market conditions over multiple time scales. We evaluate our models using a testbed derived from the Trading Agent Competition for Supply Chain Management, a supply chain environment characterized by competitive procurement, sales markets, and dynamic pricing. We show how regime models can be used to inform both short-term pricing decisions and long-term resource allocation decisions. Results show that our method outperforms more traditional short- and long-term predictive modeling approaches.
48 citations
TL;DR: This work aims at providing an overview and a categorization of the existing work in this growing field of research on time-varying pricing for electric vehicle charging, including user studies and the modeling of user preferences via utility functions.
Abstract: Time-varying pricing is seen as an appropriate means for unlocking the potential flexibility from electric vehicle users. This in turn facilitates the future integration of electric vehicles and renewable energy resources into the power grid. The most complex form of time-varying pricing is dynamic pricing. Its application to electric vehicle charging is receiving growing attention and an increasing number of different approaches can be found in the literature. This work aims at providing an overview and a categorization of the existing work in this growing field of research. Furthermore, user studies and the modeling of user preferences via utility functions are discussed.
48 citations
TL;DR: In this article, the effects of exposing household electricity customers to retail products with variable pricing were analyzed under scenarios with large shares of wind power in a Danish case study, and the results indicated strategies that could be favorable in ensuring high adoption of products and efficient response by households.
48 citations