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A Partially Observed Markov Decision Process for Dynamic Pricing

Aviv, Yossi; Pazgal, Amit - In: Management Science 51 (2005) 9, pp. 1400-1416

propose an active-learning heuristic pricing policy. We conduct a numerical study to test the performance of four different … pricing problem faced by sellers of fashion-like goods. We consider a retailer that plans to sell a given stock of items … heuristic dynamic pricing policies in order to gain insight into several important managerial questions that arise in the …

Persistent link: https://www.econbiz.de/10009191340

An overview of research on revenue management: current issues and future research

Chiang, Wen-Chyuan; Chen, Jason C.H.; Xu, Xiaojing - In: International Journal of Revenue Management 1 (2007) 1, pp. 97-128

discuss research on different revenue management strategies including pricing, auctions, capacity control, overbooking and …

Persistent link: https://www.econbiz.de/10005543620

Using consumer-perceived risks to set optimal discount levels

Jensen, Marlene; Drozdenko, Ronald G. - In: International Journal of Revenue Management 2 (2008) 4, pp. 327-343

Managing revenue includes setting the lowest discounts necessary to achieve the desired boost in unit sales and profits. This study systematically examines how four risk types; financial, performance, social/psychological and physical, relate to the optimal discount selected by consumers in 12...

Persistent link: https://www.econbiz.de/10005543627

An econometric analysis of hotelâ€“motel room nights in New Zealand with stochastic seasonality

Lim, Christine; Chan, Felix - In: International Journal of Revenue Management 5 (2011) 1, pp. 63-83

roots prior to forecasting guest nights for the tourist-lodging industry. While pricing and other strategies have been …

Persistent link: https://www.econbiz.de/10011130176

Resource Exchange Seller Alliances

Chun, So Yeon; Kleywegt, Anton; Shapiro, Alexander - Volkswirtschaftliche Fakultät, … - 2013

Many carriers, such as airlines and ocean carriers, collaborate through the formation of alliances. The detailed alliance design is clearly important for both the stability of the alliance and profitability of the alliance members. This work is motivated by a real-life liner shipping "resource...

Persistent link: https://www.econbiz.de/10011107578

Two-stage stochastic bilevel programming over a transportation network

Alizadeh, S.M.; Marcotte, P.; Savard, G. - In: Transportation Research Part B: Methodological 58 (2013) C, pp. 92-105

We consider a two-stage stochastic extension of the bilevel pricing model introduced by Labbé et al. (1998). In the …

Persistent link: https://www.econbiz.de/10010730389

Lease expiration management for a single lease term in the apartment industry

Chen, Jing; Wang, Jian; Bell, Peter C. - In: European Journal of Operational Research 238 (2014) 1, pp. 233-244

Lease expiration management (LEM) in the apartment industry aims to control the number of lease expirations and thus achieve maximal revenue growth. We examine rental rate strategies in the context of LEM for apartment buildings that offer a single lease term and face demand uncertainty. We show...

Persistent link: https://www.econbiz.de/10010776932

Bayesian Dynamic Pricing Policies: Learning and Earning Under a Binary Prior Distribution

Harrison, J. Michael; Keskin, N. Bora; Zeevi, Assaf - In: Management Science 58 (2012) 3, pp. 570-586

are initially unknown, so each price decision involves a trade-off between learning and earning. Attention is restricted … performance of the myopic Bayesian policy (MBP), variants of which are commonly used in practice. Because learning is passive … under the MBP (that is, learning only takes place as a by-product of actions that have a different purpose), it can lead to …

Persistent link: https://www.econbiz.de/10010990574

Risk averse retail pricing with robust demand forecasting

Ferrer, Juan-Carlos; Oyarzún, Diego; Vera, Jorge - In: International Journal of Production Economics 136 (2012) 1, pp. 151-160

Good demand estimates are the key to effective pricing decision-making. However, they are subject to a high degree of … uncertainty due to various factors that are unpredictable or difficult to model, thus making pricing decisions risky. This …

Persistent link: https://www.econbiz.de/10011043234

Optimal contract design for outsourcing: pricing and quality decisions

Zhu, Xiaowei; Mukhopadhyay, Samar K. - In: International Journal of Revenue Management 3 (2009) 2, pp. 197-217

Outsourcing is currently being used as an important strategy for many companies in the USA to focus on the core competency, reduce cost and increase profit. We consider a company (buyer) outsourcing a part of her service. One of the main concerns of outsourcing is the quality of service. We use...

Persistent link: https://www.econbiz.de/10005048675