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| Author: | Bitran, G. Caldentey, R. Mondschein, S. |
| Title: | Coordinating clearance markdown sales of seasonal products in retail chains |
| Journal: | Operations Research
1998 : SEP-OCT, VOL. 46:5, p. 609-624 |
| Index terms: | OPERATIONAL RESEARCH RETAILING SALES PRODUCTS CHAIN STORES |
| Freeterms: | SEASONAL PRODUCTS |
| Language: | eng |
| Abstract: | This study proposes a methodology to set prices of perishible items in the context of a retail chain with coordinated prices and compares its performance with actual practice in a real case study. A stochastic dynamic programming problem is formulated and heuristic solutions that approximate optimal solutions satisfactorily, are developed. Two sets of experiments were conducted to compare this methodolgy with current practices in the industry. |
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