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Pricing Perishable Products with Compound Poisson Demands
Guo, Pengfei1; Lian, Zhaotong2; Wang, Yulan3
2011
Source PublicationProbability in the engineering and informational sciences
ISSN0269-9648
Volume25Issue:3Pages:289-306
Abstract

We consider the dynamic pricing problem of perishable products in a system with a constant production rate. Potential demands arrive according to a compound Poisson process, and are price-sensitive. We carry out the sample path analysis of the inventory process and by using level-crossing method, we derive its stationary distribution given a pricing function. Based on the distribution, we express the average profit function. By a stochastic comparison approach, we characterize the pricing strategy given different customers willingness-to-pay functions. Finally, we provide an approximation algorithm to calculate the optimal pricing function.

KeywordRevenue Management Level-crossing Dynamic Pricing Perishable Inventory
DOIhttps://doi.org/10.1017/S0269964811000027
Indexed BySCI ; SSCI
Language英语
WOS Research AreaEngineering ; Operations Research & Management Science ; Mathematics
WOS SubjectEngineering, Industrial ; Operations Research & Management Science ; Statistics & Probability
WOS IDWOS:000292239300002
PublisherCAMBRIDGE UNIV PRESS, 32 AVENUE OF THE AMERICAS, NEW YORK, NY 10013-2473 USA
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Citation statistics
Cited Times [WOS]:4   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionDEPARTMENT OF ACCOUNTING AND INFORMATION MANAGEMENT
Affiliation1.Department of Logistics and Maritime Studies, Hong Kong Polytechnic University, Hong Kong
2.Faculty of Business Administration, University of Macau, Macau
3.Institute of Textiles and Clothing, Hong Kong Polytechnic University, Hong Kong
Recommended Citation
GB/T 7714
Guo, Pengfei,Lian, Zhaotong,Wang, Yulan. Pricing Perishable Products with Compound Poisson Demands[J]. Probability in the engineering and informational sciences,2011,25(3):289-306.
APA Guo, Pengfei,Lian, Zhaotong,&Wang, Yulan.(2011).Pricing Perishable Products with Compound Poisson Demands.Probability in the engineering and informational sciences,25(3),289-306.
MLA Guo, Pengfei,et al."Pricing Perishable Products with Compound Poisson Demands".Probability in the engineering and informational sciences 25.3(2011):289-306.
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