EURO-Online login
- New to EURO? Create an account
- I forgot my username and/or my password.
- Help with cookies
(important for IE8 users)
1898. Good stuff: Matching supply and demand by introducing an opaque product: Pricing, learning, fun.
Invited abstract in session TA-59: Learning and pricing, stream Pricing and Revenue Management.
Tuesday, 8:30-10:00Room: S08 (building: 101)
Authors (first author is the speaker)
| 1. | Laura Sprenkels
|
| Department of Industrial Engineering and Innovation Sciences, Eindhoven University of Technology |
Abstract
In this project we help a retailer increase his revenue and decrease his waste by introducing a new selling strategy. Instead of offering his original, fixed priced assortment, he will additionally sell an ‘opaque product’ with a dynamic price as he sees fit. As he does not now how his clientele will respond to this new product and its price, we help him to find the right balance between earning (by optimizing his revenue) and learning (by gathering enough information to be able to estimate the effect of the new product). An interesting problem with many mathematical challenges.
Keywords
- Revenue Management and Pricing
- Programming, Dynamic
- Stochastic Models
Status: accepted
Back to the list of papers