Optimal Policies for Dynamic Pricing and Inventory Control with Nonparametric Censored Demands.
Boxiao ChenYining WangYuan ZhouPublished in: Manag. Sci. (2024)
Keyphrases
- inventory control
- finite horizon
- optimal policy
- dynamic pricing
- demand distributions
- customer demand
- ordering cost
- inventory replenishment
- pricing strategies
- infinite horizon
- inventory level
- stochastic demand
- inventory models
- markov decision processes
- dynamic programming
- single product
- decision problems
- state dependent
- state space
- multistage
- reinforcement learning
- long run
- finite state
- lost sales
- supply chain management
- single item
- periodic review
- initial state
- learning curve
- sufficient conditions
- revenue management
- average cost
- markov decision process
- fixed cost
- customer service
- asymptotically optimal
- customer satisfaction
- production system
- electronic commerce
- cost function