Dynamic price competition with discrete customer choices

@article{Lin2009DynamicPC,
  title={Dynamic price competition with discrete customer choices},
  author={Kyle Y. Lin and Soheil Y. Sibdari},
  journal={European Journal of Operational Research},
  year={2009},
  volume={197},
  pages={969-980}
}
For many years, dynamic pricing has proven to be an effective tool to increase revenue in the airline and other service industries. Most studies, however, focused on monopolistic models and ignored the fact that nowadays consumers can easily compare prices on the Internet. In this paper, we develop a game-theoretic model to describe real-time dynamic price competition between firms that sell substitutable products. By assuming the real-time inventory levels of all firms are public information… CONTINUE READING
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