Dynamic Pricing for Nonperishable Products with Demand Learning

@article{Araman2009DynamicPF,
  title={Dynamic Pricing for Nonperishable Products with Demand Learning},
  author={Victor F. Araman and Ren{\'e} Caldentey},
  journal={Operations Research},
  year={2009},
  volume={57},
  pages={1169-1188}
}
A retailer is endowed with a finite inventory of a nonperishable product. Demand for this product is driven by a pricesensitive Poisson process that depends on an unknown parameter that is a proxy for the market size. The retailer has a prior belief on the value of this parameter that he updates as time and available information (prices and sales) evolve. The retailer’s objective is to maximize the discounted long-term average profits of his operation using dynamic pricing policies. We consider… CONTINUE READING
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