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: A heuristic algorithm called the dynamic pricing algorithm with malicious users and unstable energy providers (DPAMU) to get the optimal electricity price as well as the optimal power requirement and the load capacity is proposed.
Abstract: In this paper, we consider a smart power model, where some subscribers share several energy providers and there are some malicious users in this power grid. The energy providers are managed by a power market scheduling center (PMSC), which broadcasts electricity price to subscribers and energy providers. The energy providers and subscribers update their capacities and energy consumption requirements, respectively, according to the electricity prices received. In order to identify the malicious users and the unstable energy providers, the mechanism of identification and processing (MIP) for the malicious users and unstable energy providers is proposed. By integrating the MIP, we proposed a heuristic algorithm called the dynamic pricing algorithm with malicious users and unstable energy providers (DPAMU) to get the optimal electricity price as well as the optimal power requirement and the load capacity. Finally, the simulation results show that the proposed DPAMU has good convergence performance and can shave and clip the peak load effectively.
60 citations
TL;DR: In this article, the authors present, describe and classify the principal pricing and revenue management techniques in hotel sector literature, as well as the main contributions of the article are the presentation, description and classification of the principal RM and PO techniques.
Abstract: Pricing and revenue management (RM) techniques have become a popular field of research in hotel management literature. The sector’s background framework and evolution and the widespread use of new technologies have allowed a customer-oriented approach to be taken to pricing and the development of RM tools, while also contributing to better processes in hotel management performance at individual hotel level. Thus, price optimization (PO) methods that seek to maximize hotel revenue are based on inventory scarcity, customer segmentation and pricing. In the hotel sector, as in the airline industry, different pricing policies have a greater impact than competition measurement effects. This is mainly as differentiation strategies and specific policies at hotels can reduce the pressure of a competitive environment. The main contributions of the article are the presentation, description and classification of the principal RM and PO techniques in hotel sector literature.
60 citations
TL;DR: In this article, the need for and potential role of flexible pricing options which offer an efficient means for achieving a utility's load demand management objectives is discussed, where the focus is on dynamic tariffs.
Abstract: The need for and potential role of flexible pricing options which offer an efficient means for achieving a utility's load demand management objectives are discussed. The focus is on dynamic tariffs. By incorporating real-time features within one or more key parameters of the tariff, such pricing options can be tailored to offer the degree of flexibility that is necessary and cost effective for achieving the given demand management objective(s). >
60 citations
TL;DR: The properties of the optimal ordering and markdown decisions are characterized and it is shown that markdowns, if adopted appropriately, do not necessarily destroy the stability of a business even in the presence of strategic consumers.
Abstract: We consider a retailer that sells the same or different versions of the product season after season. At the beginning of each season stage 1, the retailer places an order and sells the product at the full price. As the sales unfold, the retailer has an opportunity to mark down the price stage 2, which creates an incentive for strategic consumers to delay their purchases for price discount. However, consumers do not know the markdown price exactly when they time their purchases; instead, they learn from the retailer's past prices and form their estimate of the markdown price, called the reference price, to decide if they purchase at the full price or wait for the markdown in the current selling season. We characterize the properties of the optimal ordering and markdown decisions and show that markdowns, if adopted appropriately, do not necessarily destroy the stability of a business even in the presence of strategic consumers. Furthermore, the consumers' reference exhibits a mean reverting pattern under certain conditions; that is, the reference fluctuates around a mean value, reflecting the practice of most stable businesses. We conduct numerical studies to investigate the impact of consumer learning about the reference price and various system parameters on the retailer's optimal strategies and profitability in the presence of strategic consumers.
60 citations
TL;DR: In this article, the authors discuss three different ways in which such programs can be introduced in the wholesale energy markets run by the Midwest Independent System Operator (MISO) in 14 states and one Canadian province and have a peak demand of some 116,000 MW.
60 citations