| Author: | Chatwin, R. |
| Title: | Optimal dynamic pricing of perishable products with stochastic demand and a finite set of prices |
| Journal: | European Journal of Operational Research
2000 : AUG 16, VOL. 125:1, p. 149-174 |
| Index terms: | PRICING DYNAMIC PROGRAMMING INVENTORIES |
| Language: | eng |
| Abstract: | Consider a continuous-time inventory problem in which a retailer sets the price on a fixed number of perishable asset that must be sold prior to the time at which it perishes. The retailer can dynamically adjust the price between any of a finite number of allowable prices. Demand for the product is Poisson with an intensity that is inversely related to the price. The optimal policy is piecewise-constant. |
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