Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
9663713 | European Journal of Operational Research | 2005 | 9 Pages |
Abstract
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.
Related Topics
Physical Sciences and Engineering
Computer Science
Computer Science (General)
Authors
Miguel F. Anjos, Russell C.H. Cheng, Christine S.M. Currie,