Price Guarantees in Dynamic Pricing and Revenue Management
Operations Research
Dynamic Pricing Strategies for Multiproduct Revenue Management Problems
Manufacturing & Service Operations Management
Concavely-Priced Probabilistic Timed Automata
CONCUR 2009 Proceedings of the 20th International Conference on Concurrency Theory
Continuously increasing price in an inventory cycle: an optimal strategy for E-tailers
Journal of Applied Mathematics and Decision Sciences
Applying experimental online auctions in marketing research for multi-channel firms
Expert Systems with Applications: An International Journal
Joint Dynamic Pricing of Multiple Perishable Products Under Consumer Choice
Management Science
Dynamic pricing of durable products with heterogeneous customers and demand interactions over time
Computers and Industrial Engineering
Analysis of cross-price effects on markdown policies by using function approximation techniques
Knowledge-Based Systems
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This article studies a continuous-time yield management model in which reversible price changes are allowed. We assume that perishable assets are offered at a set of discrete price levels. Demand at each level is a Poisson process. To maximize the expected revenue, management controls the price dynamically as sales evolve. We show that a subset of these prices that form a concave envelope is potentially optimal. We formulate the problem into an intensity control model and derive the optimal solution in closed form. Properties of the optimal solution and their policy implementations are discussed. Numerical examples are provided.