Simple Policies for Dynamic Pricing with Imperfect Forecasts
نویسندگان
چکیده
منابع مشابه
Simple Policies for Dynamic Pricing with Imperfect Forecasts
We consider the ‘classical’ single product dynamic pricing problem allowing the ‘scale’ of demand intensity to be modulated by an an exogenous ‘market size’ stochastic process. This is a natural model of dynamically changing market conditions. We show that for a broad family of Gaussian market size processes, simple dynamic pricing rules that are essentially agnostic to the specification of thi...
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We begin with establishing properties of the unit revenue function, g(·). Lemma 6. 1. g(·) is a non-negative, continuous, non-decreasing, and concave function on R+, with g(0) = 0. 2. yg(1/y) is non-decreasing and concave on R++. 3. g(y)/y is non-increasing on R+. 4. If u, v > 0, then g(u) g(v) ≥ min( u v , 1), 1 u ∫ u 0 g(v)dv ≤ g(u/2). Proof. 1. That g(·) is non-negative, continuous and non-d...
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ژورنال
عنوان ژورنال: Operations Research
سال: 2013
ISSN: 0030-364X,1526-5463
DOI: 10.1287/opre.2013.1166