We consider the periodic review dynamic pricing and inventory control problem with fixed ordering cost. Demand is random and price dependent, and unsatisfied demand is backlogged. With complete demand information, the celebrated (s,S,p) policy is proved to be optimal, where s and S are the...

We consider a stylistic question of dynamic pricing of a single product with demand learning. The candidate prices belong to a wide range of price interval, and the modeling of the demand functions is nonparametric in nature, imposing only smoothness regularity conditions. One important aspect...

We study the fundamental model in joint pricing and inventory replenishment control under the learning-while-doing framework, with T consecutive review periods and the firm not knowing the demand curve a priori. At the beginning of each period, the retailer makes both a price decision and an...

Although take-it-or-leave-it pricing is the main mode of operation for many retailers, a number of retailers discreetly allow price negotiation when some haggle-prone customers ask for a bargain. At these retailers, the posted price, which itself is subject to dynamic adjustments in response to...