Dynamic Pricing with a Prior on Market Response
We study a problem of dynamic pricing faced by a vendor with limited inventory, uncertain about demand, aiming to maximize expected discounted revenue over an infinite time horizon. The vendor learns from purchase data, so his strategy must take into account the impact of price on both revenue and f...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
Institute for Operations Research and the Management Sciences,
2011-07-13T20:23:32Z.
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| Subjects: | |
| Online Access: | Get fulltext |