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| Author: | Burnetas, A. N. |
| Title: | Adaptive ordering and pricing for perishable products |
| Journal: | Operations Research
2000 : MAY-JUN, VOL. 48:3, p. 436-443 |
| Index terms: | Perishable goods Pricing Mathematical models Simulation |
| Language: | eng |
| Abstract: | We consider the combined problem of pricing and ordering for a perishable product with uncertain demand. The demand distribution in any period depends on the price level in the same period, and it is unknown. The retailer can only observe sales of the product and must decide on the price and lot size in every period. We develop an adaptive pricing and ordering policy with the asymptotic property that the average realized profit per period converges with probability one to the optimal value under complete information on the distribution. |
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