Optimal dynamic pricing of inventories with stochastic demand and discounted criterion.
Ping CaoJianbin LiHong YanPublished in: Eur. J. Oper. Res. (2012)
Keyphrases
- dynamic pricing
- stochastic demand
- inventory control
- inventory replenishment
- infinite horizon
- finite horizon
- supply chain management
- optimal policy
- inventory level
- learning curve
- customer demand
- periodic review
- revenue management
- markov decision processes
- pricing strategies
- dynamic programming
- optimal control
- long run
- single item
- average cost
- production planning
- lost sales
- fixed cost
- optimal solution
- optimal production
- markov decision process
- holding cost
- total cost
- decision problems
- multistage
- sufficient conditions
- state space