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: In this article, the authors introduce four classes of purchase timing strategies designed to systematically shift consumer purchases towards the cycle troughs, and show in the study market of Toronto, Canada, the monetary gains to consumers from optimized timing strategies are as high as 3.9%.
34 citations
TL;DR: This work proposes a dynamic pricing mechanism that explicitly encourages consumers to adapt their consumption so as to offset the variability of demand on conventional units and shows that the proposed pricing mechanism achieves social optimality asymptotically, as the number of consumers increases to infinity.
34 citations
TL;DR: The numerical result shows that the solution generated by the periodic policy outperforms that by the fixed pricing policy in maximizing discount profit.
34 citations
22 Jan 2006
TL;DR: This paper concerns a new approach to dealing with multi-armed bandit problems in which the decision-maker's strategy set is large (exponential or possibly infinite).
Abstract: How should a decision-maker perform repeated choices so as to optimize the average cost or benefit of those choices in the long run? This question motivates the theory of online learning, which encompasses problems such as the well-known best-expert [13, 9] and multi-armed bandit [10, 1] problems. This paper concerns a new approach to dealing with multi-armed bandit problems in which the decision-maker's strategy set is large (exponential or possibly infinite). Recent theoretical progress on the analysis of algorithms for such problems (e.g. [2, 3, 8, 11, 14]) has led to improved online algorithms for problems in areas such as online routing [2], dynamic pricing mechanisms [4, 5, 12], and analysis of reputation systems in e-commerce and peer-to-peer networks [3].
34 citations
TL;DR: In this article, the authors investigate how the pricing strategy of European airlines is affected by code-share agreements on international routes and identify three main results: (1) Code-share increases fares especially for early bookers, and (2) higher prices in code-shared flights are offered by marketing carriers.
Abstract: This paper aims at investigating how the pricing strategy of European airlines is affected by code-share agreements on international routes. Our data cover several routes linking the main UK airports to many European destinations and includes posted fares collected at different days before departure. By analyzing the temporal profile of airline fares, we identify three main results. First, code-share increases fares especially for early bookers. Second, the higher prices in code-shared flights are offered by marketing carriers. Finally, in single operator code-shared flights (unilateral code-share), the pricing profile is flatter than under parallel code-share.
34 citations