Journal
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
Volume 166, Issue 1, Pages 246-254Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ejor.2004.02.015
Keywords
pricing; Internet; yield management; finite horizon; optimal policy
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In many industrial settings, managers face the problem of establishing a pricing policy that maximises the revenue from selling a given inventory of items by a fixed deadline, with the full inventory of items being available for sale from the beginning of the selling period. This problem arises in a variety of industries, including the sale of fashion garments, flight seats, and hotel rooms. We present a family of continuous pricing functions for which the optimal pricing strategy can be explicitly characterised and easily implemented. These pricing functions are the basis for a general pricing methodology which is particularly well suited for application in the context of an increasing role for the Internet as a means to market goods and services. (c) 2004 Elsevier B.V. All rights reserved.
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