Bayesian solution to pricing and inventory control under unknown demand distribution.
Ju-Liang ZhangJian ChenPublished in: Oper. Res. Lett. (2006)
Keyphrases
- inventory control
- dynamic pricing
- periodic review
- lead time
- pricing strategies
- supply chain
- inventory models
- stochastic demand
- customer service
- demand distributions
- inventory replenishment
- finite horizon
- supply chain management
- customer demand
- lost sales
- single product
- inventory systems
- inventory policy
- probability distribution
- learning algorithm
- base stock policies
- decision makers
- markov decision processes
- revenue management
- integer programming
- optimal solution
- inventory management
- mixed integer