search query: @author Zheng, Y-S. / total: 4
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| Author: | Zhao, W. Zheng, Y-S. |
| Title: | Optimal dynamic pricing for perishable assets with nonhomogeneous demand |
| Journal: | Management Science
2000 : MAR, VOL. 46:3, p. 375-388 |
| Index terms: | Inventory control Management science Pricing Optimization |
| Language: | eng |
| Abstract: | This paper considers a dynamic pricing model for selling a given stock of a perishable product over a finite time horizon. Customers, whose reservation price distribution changes over time, arrive according to a nonhomogeneous Poisson process. It is shown that at any give time, the optimal price decreases with inventory. A sufficient condition is identified under which the optimal price decreases over time for a given inventory level. |
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