Competition has a huge influence on customer buying behaviour and will impact on the optimal price that companies should charge for goods or services. To date, many dynamic pricing models have not modelled competition explicitly. In this paper, we introduce pricing strategies that maximize...

The parameters of a finite mixture model cannot be consistently estimated when the data come from an embedded distribution with fewer components than that being fitted, because the distribution is represented by a subset in the parameter space, and not by a single point. Feng & McCulloch (1996)...

ÔTrace-driven' or Ôcorrelated inspection' simulation means that the simulated and the real systems have some common inputs (say, arrival times) so the two systems' outputs are cross-correlated. To validate such simulation models, this paper formulates six validation statistics, which are...

The parameters of a finite mixture model cannot be consistently estimated when the data come from an embedded distribution with fewer components than that being fitted, because the distribution is represented by a subset in the parameter space, and not by a single point. Feng & McCulloch (1996)...