This paper is devoted to the development of heuristics for the dynamic pricing problem. A discrete time model of dynamic pricing on the fixed time horizon is proposed. It is applicable to products that satisfy two properties: 1) product value expires at a certain predetermined date, and 2)...

The paper deals with the analysis of a special dynamic production and inventory model. In this model logical restrictions to fulfill an accepted constant minimal level of the production lot size are incorporated, instead of keeping setup cost in the objective function, as it is common in many...

"This paper provides a simple dynamic optimization model of durable goods inventories. Closed-form solutions are derived in a general equilibrium environment with imperfect information and serially correlated shocks. The model is then applied to scrutinize some popular conjectures regarding the...

A production and inventory control problem is solved by a modified computational dynamic programming procedure. Specifically a two dimensional problem described by differential system equations with an integral objective function is solved by the proposed scheme. The numerical results are...

We consider a dynamic pricing problem in which the seller sells a limited amount of inventory over a short time horizon. The distribution of customer willingness-to-pay is unknown, and the seller learns about the distribution from observing customer purchase decisions. Such a problem arises in...

We consider a single-product revenue management problem with an inventory constraint and unknown, noisy, demand function. The objective of the firm is to dynamically adjust the prices to maximize total expected revenue. We restrict our scope to the nonparametric approach where we only assume...

We consider the problem of a firm seeking to use personalized pricing to sell an exogenously given stock of a product over a finite selling horizon to different consumer types. We assume that the type of an arriving consumer can be observed but the demand function associated with each type is...