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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TL;DR: The results from experiments with the proposed blockchain-empowered energy trading system indicate that the proposed demand–response games have a great effect on reducing the net peak load, and at the same time, the off-chain processing mode provides lower latency and overhead compared to the on-chain mode while still keeping the same system integrity as the on–chain mode.
Abstract: In smart grids, the large-scale integration of distributed renewable energy resources has enabled the provisioning of alternative sources of supply. Peer-to-peer (P2P) energy trading among local households is becoming an emerging technique that benefits both energy prosumers and operators. Since conventional energy supply is still needed to help fill the gap between local demand and supply when the local solar generation is not sufficient, demand-response management will keep playing an important role in the future P2P energy market. Blockchain and smart contract technology has gained increasing attention in P2P trading for its secure operation. The performance of blockchain-based P2P energy trading still remains to be improved, in terms of latency and cost of computation resources. This article studies the challenges of demand-response management in P2P energy trading and proposes a blockchain-empowered energy trading system for a community-based P2P market. The proposed demand-response mechanism is developed using two noncooperative games, in which dynamic pricing is applied for suppliers. The proposed energy trading system is prototyped on a cluster network, with a coordinator running as a smart contract in a Hyperledger blockchain. We implemented both on-chain and off-chain processing modes to study the system performance. The results from experiments with our prototype indicate that our proposed demand-response games have a great effect on reducing the net peak load, and at the same time, the off-chain processing mode provides lower latency and overhead compared to the on-chain mode while still keeping the same system integrity as the on-chain mode.
34 citations
TL;DR: The New Distribution Capability (NDC) as discussed by the authors provides the foundation to improve the shopping experience for the airline product across all distribution channels, which opens the doors for a true dynamic pricing concept, which in the end could even make booking classes obsolete.
Abstract: The New Distribution Capability (NDC) provides the foundation to improve the shopping experience for the airline product across all distribution channels. One of the fundamental concepts of NDC is that all shopping request will be sent to the airline in real-time for evaluation. This opens the doors for a true dynamic pricing concept, which in the end could even make booking classes obsolete.
34 citations
TL;DR: In this paper, the authors used an equilibrium (cointegrating) vector to fit the U.K. manufacturing data remarkably well and found that non-nested tests fail to reject either the backward looking or the forward looking model against the alternative (so long as dynamic homogeneity is imposed in the error correction model).
Abstract: Given an equilibrium pricing rule, minimization of a multiperiod quadratic cost function yields a precise specification for the weights on the leads and lags of a dynamic pricing equation. Using an equilibrium (cointegrating) vector, the theoretical specification is found to fit the U.K. manufacturing data remarkably well. Non-nested tests fail to reject either the (backward looking) error correction or the forward looking model against the alternative (so long as dynamic homogeneity is imposed in the error correction model). This is consistent with the notion that the error correction model is conflating the true structural model (which is forward looking) with the expectation formation process. Copyright 1992 by Royal Economic Society.
34 citations
TL;DR: This paper studies a queuing model where two customer classes compete for a given resource and each customer is dynamically quoted a menu of price and leadtime pairs upon arrival and proves to be asymptotically optimal under traditional large-capacity heavy-traffic scaling.
Abstract: This paper studies a queuing model where two customer classes compete for a given resource and each customer is dynamically quoted a menu of price and leadtime pairs upon arrival. Customers select their preferred pairs from the menu and the server is obligated to meet the quoted leadtime. Customers have convex---concave delay costs. The firm does not have information on a given customer's type, so the offered menus must be incentive compatible. A menu quotation policy is given and proven to be asymptotically optimal under traditional large-capacity heavy-traffic scaling.
34 citations
27 Mar 2015
TL;DR: This work considers the problem of designing revenue-maximizing online posted-price mechanisms when the seller has limited supply and faces potential buyers who are facing potential buyers with limited supply.
Abstract: We consider the problem of designing revenue-maximizing online posted-price mechanisms when the seller has limited supply. A seller has k identical items for sale and is facing n potential buyers (...
34 citations