The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
A Multiproduct Dynamic Pricing Problem and Its Applications to Network Yield Management
Abstract
A firm has inventories of a set of components that are used to produce a set of products. There is a finite horizon over which the firm can sell its products. Demand for each product is a stochastic point process with an intensity that is a function of the vector of prices for the products and the time at which these prices are offered. The problem is to price the finished products so as to maximize total expected revenue over the finite sales horizon. An upper bound on the optimal expected revenue is established by analyzing a deterministic version of the problem. The solution to the deterministic problem suggests two heuristics for the stochastic problem that are shown to be asymptotically optimal as the expected sales volume tends to infinity. Several applications of the model to network yield management are given. Numerical examples illustrate both the range of problems that can be modeled under this framework and the effectiveness of the proposed heuristics. The results provide several fundamental insights into the performance of yield management systems.
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Citations
Cites
Yield management at American airlines
Smith, B. C., Leimkuhler, J. F., & Darrow, R. M. (1992) · Interfaces · doi:10.1287/inte.22.1.8 · Cited by 697
The basics of yield management
Kimes, S. E. (1989) · Cornell Hotel and Restaurant Administration Quarterly · doi:10.1177/001088048903000309 · Cited by 310
Cited by
Elmaghraby, W., & Keskinocak, P. (2003) · Management Science · doi:10.1287/mnsc.49.10.1287.17315 · Cited by 1,285
Revenue Management Under a General Discrete Choice Model of Consumer Behavior
Talluri, K., & van Ryzin, G. (2004) · Management Science · doi:10.1287/mnsc.1030.0147 · Cited by 1,108
Self-citationCombined Pricing and Inventory Control Under Uncertainty
Federgruen, A., & Heching, A. (1999) · Operations Research · doi:10.1287/opre.47.3.454 · Cited by 649
On the Choice-Based Linear Programming Model for Network Revenue Management
Liu, Q., & van Ryzin, G. (2008) · Manufacturing & Service Operations Management · doi:10.1287/msom.1070.0169 · Cited by 366
Self-citationDynamic Pricing and Inventory Control of Substitute Products
Dong, L., Kouvelis, P., & Tian, Z. (2009) · Manufacturing & Service Operations Management · doi:10.1287/msom.1080.0221 · Cited by 311
Metadata
- Authors
- Gallego, G., & van Ryzin, G.
- Venue
- Operations Research
- Published
- 1997-02
- Volume
- 45
- Issue
- 1
- Pages
- 24-41
- ISSN
- 0030-364X (ISSN-L)
- 1526-5463
- OpenAlex
- W2136768128
- Cited by
- 634
- References
- 2
- FWCI
- 17.29
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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