Open-loop policies in Bayesian dynamic pricing: some counter-intuitive observations and insights

DOI10.1016/J.ORL.2019.05.003MaRDI QIDQ2294331zbMATH OpenOpenAlexWikidataFDO

Authors Li Chen, Chengyu Wu

Publication date 10 February 2020

Published in Operations Research Letters (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.orl.2019.05.003

zbMATH Keywords

dynamic pricingBayesian updatingdemand learningopen-loop policy

Mathematics Subject Classification ID

Inventory, storage, reservoirs (90B05) Transportation, logistics and supply chain management (90B06) Markov and semi-Markov decision processes (90C40) Microeconomic theory (price theory and economic markets) (91B24)

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Cites work

• scientific article; zbMATH DE number 3357742 (Why is no real title available?)
• A partially observed Markov decision process for dynamic pricing
• Adaptive inventory control for nonstationary demand and partial information
• Dynamic pricing for nonperishable products with demand learning
• Dynamic pricing with a prior on market response
• The theory and practice of revenue management

Cited in

(2)

• Dynamic pricing and inventory control with learning
• Bayesian strategies for dynamic pricing in e‐commerce

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