A stochastic theory of the firm
Mathematics of Operations Research
Inventory control in a fluctuating demand environment
Operations Research
Average cost optimality in inventory models with Markovian demands
Journal of Optimization Theory and Applications
Markov Decision Processes: Discrete Stochastic Dynamic Programming
Markov Decision Processes: Discrete Stochastic Dynamic Programming
Structural results for the control of queueing systems using event-based dynamic programming
Queueing Systems: Theory and Applications
Revenue Management: Research Overview and Prospects
Transportation Science
Combined Pricing and Inventory Control Under Uncertainty
Operations Research
Commissioned Paper: An Overview of Pricing Models for Revenue Management
Manufacturing & Service Operations Management
Mathematics of Operations Research
Revenue Management of a Make-to-Stock Queue
Operations Research
Manufacturing & Service Operations Management
Effects of system parameters on the optimal policy structure in a class of queueing control problems
Queueing Systems: Theory and Applications
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We study the effects of different pricing strategies available to a production–inventory system with capacitated supply, which operates in a fluctuating demand environment. The demand depends on the environment and on the offered price. For such systems, three plausible pricing strategies are investigated: static pricing, for which only one price is used at all times, environment-dependent pricing, for which price changes with the environment, and dynamic pricing, for which price depends on both the current environment and the stock level. The objective is to find an optimal replenishment and pricing policy under each of these strategies. This article presents some structural properties of optimal replenishment policies and a numerical study that compares the performances of these three pricing strategies.