Joint Pricing And Inventory Control Under Reference Price Effects
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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.
Joint Pricing And Inventory Control Under Reference Price Effects
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Author :
language : en
Publisher:
Release Date : 2008
Joint Pricing And Inventory Control Under 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 2008 with categories.
Viele Unternehmen bestimmen ihre Preise und Lagerbestände separiert. Da die Preissetzung aber auch die Risiken der Lagerhaltung beeinflusst, werden in der Literatur integrierte Nachfrage- und Lagerhaltungsmodelle empfohlen. In dieser Arbeit untersuchen wir die Problematik einer kombinierten Preis- und Lagerbestandsoptimierung unter der Berücksichtigung von Referenzpreiseffekten. Diese modellieren die Tatsache, dass Konsumenten in ihrer Kaufentscheidung nicht nur aktuelle Preise berücksichtigen, sondern auch Abweichungen von einem Referenzpreis, der auf der Basis vergangener Preise gebildet wird. Die Auswirkung einer Preisreduktion auf den kurzfristigen Gewinn muss also gegen daraus folgende zukünftige Verluste abgewogen werden. Wir untersuchen, wie sich die zusätzliche Dynamik der Kaufbereitschaft von Konsumenten auf eine optimale Preis- und Lagerstandsbestimmung auswirkt, und ob einfache Strategien, wie zum Beispiel eine 'Base-stock-list-price'- Politik sich in einem solchen Rahmen behaupten kann. Wir beweisen die Optimalität einer 'Base-stock-list-price' Politik in Abhängigkeit vom Referenzpreis für den Spezialfall einer Planungsperiode, welche wir auf den Zweiperiodenfall für risikoneutrale Kunden und lineare Marktreaktionsfunktionen erweitern. Im Mehrperiodenfall versagen die üblichen Beweistechniken, weshalb eine Ausweitung der Ergebnisse hier nur unter restriktiven Annahmen möglich ist. Numerische Simulationen legen jedoch nahe, dass eine 'Base-stock-list-price'- Politik auch für ein Mehrperiodenszenario unter allgemeineren Bedingungen optimal ist. Wir zeigen in numerische Studien, dass der Anreiz für Preisnachlässe zur Reduktion von Lagerüberschüssen durch den Einfluss von Referenzpreisen vermindert wird. Weiters beobachten wir, dass durch die gleichzeitige Bestimmung optimaler Preise und Lagermengen deutlich höhere Erträge im Vergleich zu einem sequenziellen Verfahren möglich sind. Damit ist eine integrierte Preis- und Lagerbestandsbestimmung unter Referenzp.
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.
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.
The Oxford Handbook Of Pricing Management
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Author : Özalp Özer
language : en
Publisher: Oxford University Press (UK)
Release Date : 2012-06-07
The Oxford Handbook Of Pricing Management written by Özalp Özer and has been published by Oxford University Press (UK) this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-07 with Business & Economics categories.
A definitive reference to the theory and practice of pricing across industries, environments, and methodologies. It covers all major areas of pricing including, pricing fundamentals, pricing tactics, and pricing management.
Joint Pricing And Inventory Control With Substitutable Products
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Author : Ahmet Kuyumcu
language : en
Publisher:
Release Date : 2002
Joint Pricing And Inventory Control With Substitutable Products written by Ahmet Kuyumcu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Integrating Dynamic Pricing And Inventory Control For Fresh Agri Product Under Consumer Choice
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Author : Hawking Wang
language : en
Publisher:
Release Date : 2019
Integrating Dynamic Pricing And Inventory Control For Fresh Agri Product Under Consumer Choice written by Hawking Wang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
In this article, we investigate a joint pricing and inventory problem for a retailer selling fresh-agri products (FAPs) with two-period shelf lifetime in a dynamic stochastic setting, where new and old FAPs are on sale simultaneously. At the beginning of each period, the retailer makes ordering decision for new FAP and sets regular and discount prices for new and old inventories, respectively. After demand realisation, the expired leftover is disposed and unexpired inventory is carried to the next period, for continuing selling. Unmet demand of all FAPs is backordered. The objective is to maximise the total expected discount profit over the whole planning horizon. We present a price dependent, stochastic dynamic programming model taking into account zero lead-time, linear ordering costs, inventory holding and backlogging costs, as well as disposal cost. As the influence of the perishability, each customer selects his preferred choice based on the utility of product price and quality. By the way of constructing demand rate vector, the original formulation can be transferred to be jointly concave and tractable. Finally, we characterise the optimal policy and develop effective methods to solve the problem. We also conduct numerical studies to further characterise the optimal policy, and to evaluate the loss of efficiency under static policies when compared to the optimal dynamic policy.
Revenue Management And Pricing Analytics
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Author : Guillermo Gallego
language : en
Publisher: Springer
Release Date : 2019-08-14
Revenue Management And Pricing Analytics written by Guillermo Gallego and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-14 with Business & Economics categories.
“There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it." Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK.
Joint Pricing And Inventory Control With A Markovian Demand Model
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Author : Rui Yin
language : en
Publisher:
Release Date : 2007
Joint Pricing And Inventory Control With A Markovian Demand Model written by Rui Yin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
We consider the joint pricing and inventory control problem for a single product with a finite horizon and periodic review. The demand distribution in each period is determined by an exogenous Markov chain. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. The surplus costs as well as fixed and variable costs are state dependent. We show the existence of an optimal (s, S, p)-type feedback policy for the additive demand model. We extend the model to the case of emergency orders and also incorporate capacity and service level constraints. We compute the optimal policy for a class of Markovian demand and illustrate the benefits of dynamic pricing over fixed pricing strategies through numerical examples. The results indicate that it is more beneficial to implement the dynamic pricing strategy in a Markovian demand environment with a high fixed ordering cost or with high demand uncertainty.
Integrating Pricing And Inventory Control
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Author : Lisa Gimpl-Heersink
language : en
Publisher:
Release Date : 2009
Integrating Pricing And Inventory Control written by Lisa Gimpl-Heersink and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
In this paper we first show that the gains achievable by integrating pricing and inventory control are usually small for classical demand functions. We then introduce reference price models and demonstrate that for this class of demand functions the benefits of integration with inventory control are substantially increased due to the price dynamics. We also provide some analytical results for this more complex model. We thus conclude that integrated pricing/inventory models could repeat the success of revenue management in practice if reference price effects are included in the demand model and the properties of this new model are better understood.