Dynamic Pricing For Inventories With Reference Price Effects
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Dynamic Pricing For Inventories With Reference Price Effects
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Author : Régis Chenavaz
language : en
Publisher:
Release Date : 2018
Dynamic Pricing For Inventories With Reference Price Effects written by Régis Chenavaz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Joint Pricing And Inventory Control Under Reference Price Effects
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Author : Lisa Gimpl-Heersink
language : en
Publisher: Peter Lang Pub Incorporated
Release Date : 2009
Joint Pricing And Inventory Control Under Reference Price Effects written by Lisa Gimpl-Heersink and has been published by Peter Lang Pub Incorporated this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Business & Economics categories.
In this work, we address the problem of simultaneously determining a pricing and inventory replenishment strategy under reference price effects. This reference price effect models the fact that consumers not only react sensitively to the current price, but also to deviations from a reference price formed on the basis of past purchases. Immediate effects of price reductions on profits have to be weighted against the resulting losses in future periods. By providing an analytical analysis and numerical simulations we study how the additional dynamics of the consumers' willingness to pay affect an optimal pricing and inventory control model and whether a simple policy such as a base-stock-list-price policy holds in such a setting.
Essays On Robust Optimization Integrated Inventory And Pricing And Reference Price Effect
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Author : Yuhan Zhang
language : en
Publisher:
Release Date : 2010
Essays On Robust Optimization Integrated Inventory And Pricing And Reference Price Effect written by Yuhan Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This dissertation consists of two distinct lines of research e orts. Chapter 2 proposes a general methodology to seek robust solution to multi-stage stochastic optimization problems. Chapters 3, 4 and 5 all deal with models that arise from inventory management and dynamic pricing. Chapter 2 introduces the Extended Affinely Adjustable Robust Counterpart(EAARC). We first propose the general steps of extending affine decision rules via re-parameterizing the uncertainty set, then propose the example of splitting-based EAARC. We show that this approach extends the versatility of affine decision rules beyond what has been proposed by Ben-Tal et al. while retaining tractability. Chapter 3 looks at the classical joint inventory-and-pricing model (single product periodic-review) with concave ordering cost. Concave cost structures may often occur in settings with multiple sources of supply. For this model, assuming additive demand uncertainty, we show that a generalized (s; S; p) policy is optimal under certain conditions imposed on the distribution of the random perturbation. Chapter 4 and 5 focus on the reference price effect in which the price impact on demand is no longer instantaneous, but history-dependent. Chapter 4 analyzes a joint inventory-and-pricing model with reference price e ffect. We prove that a reference price dependent base-stock policy is optimal even though the single period expected pro t may not be concave. In the in finite horizon case, we further show that in the optimal trajectory, reference price converges to a steady state and provide a characterization. Chapter 5 represents some initial e orts in modeling heterogeneity in the consumer group, in which we study a continuous-time dynamic pricing problem under stochastic reference price e ffect. Stochastic optimal control theory is applied to the problem to derive an explicit solution. Various comparative statics are then conducted to benchmark our model against a few simpli ed models.
Dynamic Pricing With Reference Price Effects
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Author :
language : en
Publisher:
Release Date : 2015
Dynamic Pricing With Reference Price Effects written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Research Handbook On Inventory Management
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Author : Jing-Sheng J. Song
language : en
Publisher: Edward Elgar Publishing
Release Date : 2023-08-14
Research Handbook On Inventory Management written by Jing-Sheng J. Song and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-14 with Technology & Engineering categories.
This comprehensive Handbook provides an overview of state-of-the-art research on quantitative models for inventory management. Despite over half a century’s progress, inventory management remains a challenge, as evidenced by the recent Covid-19 pandemic. With an expanse of world-renowned inventory scholars from major international research universities, this Handbook explores key areas including mathematical modelling, the interplay of inventory decisions and other business decisions and the unique challenges posed to multiple industries.
Proceedings Of The Twelfth International Conference On Management Science And Engineering Management
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Author : Jiuping Xu
language : en
Publisher: Springer
Release Date : 2018-06-25
Proceedings Of The Twelfth International Conference On Management Science And Engineering Management written by Jiuping Xu and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-25 with Technology & Engineering categories.
This proceedings book is divided in 2 Volumes and 8 Parts. Part I is dedicated to Decision Support System, which is about the information system that supports business or organizational decision-making activities; Part II is on Computing Methodology, which is always used to provide the most effective algorithm for numerical solutions of various modeling problems; Part III presents Information Technology, which is the application of computers to store, study, retrieve, transmit and manipulate data, or information in the context of a business or other enterprise; Part IV is dedicated to Data Analysis, which is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, suggesting conclusions, and supporting decision-making; Part V presents papers on Operational Management, which is about the plan, organization, implementation and control of the operation process; Part VI is on Project Management, which is about the initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria at the specified time in the field of engineering; Part VII presents Green Supply Chain, which is about the management of the flow of goods and services based on the concept of “low-carbon”; Part VIII is focused on Industry Strategy Management, which refers to the decision-making and management art of an industry or organization in a long-term and long-term development direction, objectives, tasks and policies, as well as resource allocation.
Dynamic Pricing And Inventory Management
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Author : Renyu Philip Zhang
language : en
Publisher:
Release Date : 2016
Dynamic Pricing And Inventory Management written by Renyu Philip Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with Electronic dissertations categories.
We develop the models and methods to study the impact of some emerging trends in technology, marketplace, and society upon the pricing and inventory policy of a firm. We focus on the situation where the firm is in a dynamic, uncertain, and (possibly) competitive market environment. The market trends of particular interest to us are: (a) social networks, (b) sustainability concerns, and (c) customer behaviors. The two main running questions this dissertation aims to address are: (a) How these emerging market trends would influence the operations decisions and profitability of a firm; and (b) What pricing and inventory strategies a firm could use to leverage these trends. We also develop an effective comparative statics analysis method to address these two questions under different market trends. Overall, our results suggest that the current market trends of social networks, sustainability concerns, and customer behaviors have significant and interesting impact upon the operations policy of a firm, and that the firm could adopt some innovative pricing and inventory strategies to exploit these trends and substantially improve its profit. Our main findings are: (a) Network externalities (the monopoly setting). We find that network externalities prompt a firm to face the tradeoff between generating current profits and inducing future demands when making the price and inventory decisions, so that it should increase the base-stock level, and to decrease [increase] the sales price when the network size is small [large]. Our extensive numerical experiments also demonstrate the effectiveness of the heuristic policies that leverage network externalities by balancing generating current profits and inducing demands in the near future. (Chapter 2.) (b) Network externalities (the dynamic competition setting). In a competitive market with network externalities, the competing firms face the tradeoff between generating current profits and winning future market shares (i.e., the exploitation-induction tradeoff). We characterize the pure strategy Markov perfect equilibrium in both the simultaneous competition and the promotion-first competition. We show that, to balance the exploitation-induction tradeoff, the competing firms should increase promotional efforts, offer price discounts, and improve service levels. The exploitation-induction tradeoff could be a new driving force for the fat-cat effect (i.e., the equilibrium promotional efforts are higher under the promotion-first competition than those under the simultaneous competition). (Chapter 3.) (d) Trade-in remanufacturing. We show that, with the adoption of the very commonly used trade-in remanufacturing program, the firm may enjoy a higher profit with strategic customers than with myopic customers. Moreover, trade-in remanufacturing creates a tension between firm profitability and environmental sustainability with strategic customers, but benefits both the firm and the environment with myopic customers. We also find that, with either strategic or myopic customers, the socially optimal outcome can be achieved by using a simple linear subsidy and tax scheme. The commonly used government policy to subsidize for remanufacturing alone, however, does not induce the social optimum in general. (Chapter 4.) (d) Scarcity effect of inventory. We show that the scarcity effect drives both optimal prices and order-up-to levels down, whereas increased operational flexibilities (e.g., the inventory disposal and inventory withholding opportunities) mitigate the demand loss caused by high excess inventory and increase the optimal order-up-to levels and sales prices. Our extensive numerical studies also demonstrate that dynamic pricing leads to a much more significant profit improvement with the scarcity effect of inventory than without. (Chapter 5.) (e) Comparative statics analysis method. We develop a comparative statics method to study a general joint pricing and inventory management model with multiple demand segments, multiple suppliers, and stochastically evolving market conditions. Our new method makes componentwise comparisons between the focal decision variables under different parameter values, so it is capable of performing comparative statics analysis in a model where part of the decision variables are non-monotone, and it is well scalable. Hence, our new method is promising for comparative statics analysis in other operations management models. (Chapter 6.)
Consumer Driven Demand And Operations Management Models
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Author : Serguei Netessine
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-06-02
Consumer Driven Demand And Operations Management Models written by Serguei Netessine and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-02 with Business & Economics categories.
This important book is by top scholars in supply chain management, revenue management, and e-commerce, all of which are grounded in information technologies and consumer demand research. The book looks at new selling techniques designed to reach the consumer.
A Dynamic Pricing Model For Coordinated Sales And Operations
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Author : Moritz Fleischmann
language : en
Publisher:
Release Date : 2013
A Dynamic Pricing Model For Coordinated Sales And Operations written by Moritz Fleischmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Recent years have seen advances in research and management practice in the area of pricing, and particularly in dynamic pricing and revenue management. At the same time, researchers and managers have made dramatic improvements in operations and supply chain management. The interactions between pricing and operations/supply chain performance, however, are not as well understood. In this paper, we examine this linkage by developing a deterministic, finite-horizon dynamic programming model that captures a price/demand effect as well as a stockpiling/consumption effect - price and market stockpile influence demand, demand influences consumption, and consumption influences the market stockpile. The decision variable is the unit sales price in each period. Through the market stockpile, pricing decisions in a given period explicitly depend on decisions in prior periods. Traditional operations models typically assume exogenous demand, thereby ignoring some of the market dynamics. Herein, we model endogenous demand, and we develop analytical insights into the nature of optimal prices and promotions. We develop conditions under which the optimal prices converge to a constant. In other words, price promotion is suboptimal. We also analytically and numerically illustrate cases where the optimal prices vary over time. In particular, we show that price dynamics may be driven by both (a) revenue effects, due to nonlinear market responses to prices and/or inventory, and (b) cost effects, due to economies of scale in operations. The paper concludes with a discussion of directions for future research.
Behavioral Consequences Of Dynamic Pricing
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Author : David Prakash
language : en
Publisher: BoD – Books on Demand
Release Date : 2022-08-19
Behavioral Consequences Of Dynamic Pricing written by David Prakash and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-19 with Business & Economics categories.
Digital technologies are driving the application of dynamic pricing. Today, this pricing strategy is used not only for perishable products such as flights or hotel rooms, but for almost any product or service category. With dynamic pricing, retailers frequently adjust their prices over time to respond to factors such as demand, their supply and that of competitors, or the time of sale. Additionally, dynamic pricing allows retailers to take advantage of a large share of consumers' willingness to pay while avoiding losses from unsold products. Ultimately, this can lead to an increase in revenue and profit. However, the application of dynamic pricing comes with great challenges. In addition to the technological implementation, companies have to take into account that dynamic pricing can cause complex and unintended behavioral consequences on the consumer side. The key objective of this dissertation is to provide a deeper understanding of the impact of dynamic pricing on consumer behavior. To this end, this dissertation presents insights from four perspectives. First, how reference prices as a critical component in purchase decisions are operationalized. Second, how customers search for products priced dynamically, differentiated by business and private customers, as well as by different devices used for the search. Third, whether and how dynamic pricing influences the impact of internal reference prices on purchase decisions. Finally, this dissertation demonstrates that consumers perceive price changes as personalized in different purchase contexts, leading to reduced perceptions of fairness and undesirable behavioral consequences.