|
|
|
|
| LEADER |
01244 am a22001813u 4500 |
| 001 |
87676 |
| 042 |
|
|
|a dc
|
| 100 |
1 |
0 |
|a Chen, Yiwei
|e author
|
| 100 |
1 |
0 |
|a Sloan School of Management
|e contributor
|
| 100 |
1 |
0 |
|a Farias, Vivek F.
|e contributor
|
| 700 |
1 |
0 |
|a Farias, Vivek F.
|e author
|
| 245 |
0 |
0 |
|a Simple Policies for Dynamic Pricing with Imperfect Forecasts
|
| 260 |
|
|
|b Institute for Operations Research and the Management Sciences (INFORMS),
|c 2014-06-06T14:50:20Z.
|
| 856 |
|
|
|z Get fulltext
|u http://hdl.handle.net/1721.1/87676
|
| 520 |
|
|
|a We consider the "classical" single-product dynamic pricing problem allowing the "scale" of demand intensity to be modulated by 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 this market-size process perform provably well. The pricing policies we develop are shown to compensate for forecast imperfections (or a lack of forecast information altogether) by frequent reoptimization and reestimation of the "instantaneous" market size.
|
| 546 |
|
|
|a en_US
|
| 655 |
7 |
|
|a Article
|
| 773 |
|
|
|t Operations Research
|
