Technical note -- Joint learning and optimization of multi-product pricing with finite resource capacity and unknown demand parameters

DOI10.1287/OPRE.2020.2078MaRDI QIDQ4994175zbMATH OpenOpenAlexFDO

Authors Qi Chen, Stefanus Jasin, Izak Duenyas

Publication date 17 June 2021

Published in Operations Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1287/opre.2020.2078

zbMATH Keywords

continuum set of feasible pricesnetwork revenue managementparametric demand modelparametric self-adjusting controlpricing heuristicsrate-optimal regretwell-separated demand

Mathematics Subject Classification ID

Convex programming (90C25) Sensitivity, stability, parametric optimization (90C31) Microeconomic theory (price theory and economic markets) (91B24) Consumer behavior, demand theory (91B42)

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Cites work

• Bandits with knapsacks
• Blind network revenue management
• Close the gaps: a learning-while-doing algorithm for single-product revenue management problems
• Design of experiments in nonlinear models. Asymptotic normality, optimality criteria and small-sample properties
• Dynamic pricing for nonperishable products with demand learning
• Dynamic pricing under a general parametric choice model
• Dynamic pricing with a prior on market response
• Dynamic pricing without knowing the demand function: risk bounds and near-optimal algorithms
• scientific article; zbMATH DE number 2107836 (Why is no real title available?)
• Nonparametric self-adjusting control for joint learning and optimization of multiproduct pricing with finite resource capacity
• Online Network Revenue Management Using Thompson Sampling
• Reoptimization and self-adjusting price control for network revenue management
• Simple policies for dynamic pricing with imperfect forecasts

Cited in

(5)

• A Bayesian learning model for estimating unknown demand parameter in revenue management
• Blind network revenue management
• Constant Regret Resolving Heuristics for Price-Based Revenue Management
• Nonparametric self-adjusting control for joint learning and optimization of multiproduct pricing with finite resource capacity
• Online learning and pricing for service systems with reusable resources

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