Optimal Dynamic Pricing with Patient Customers

doi:10.1287/opre.2015.1438

CORC > 上海财经大学 > 上海财经大学

	Optimal Dynamic Pricing with Patient Customers
	Liu, Yan 1; Cooper, William L.2
刊名	OPERATIONS RESEARCH
	2015-11-01
卷号	63 期号:6 页码:1307-1319
关键词	pricing consumer behavior dynamic programming
ISSN号	0030-364X
DOI	10.1287/opre.2015.1438
英文摘要	We consider an infinite-horizon single-product pricing problem in which a fraction of customers is patient and the remaining fraction is impatient. A patient customer will wait up to some fixed number of time periods for the price of the product to fall below his or her valuation at which point the customer will make a purchase. If the price does not fall below a patient customer's valuation at any time during those periods, then that customer will leave without buying. In contrast, impatient customers will not wait, and either buy immediately or leave without buying. We prove that there is an optimal dynamic pricing policy comprised of repeating cycles of decreasing prices. We obtain bounds on the length of these cycles, and we exploit these results to produce an efficient dynamic programming approach for computing such an optimal policy. We also consider problems in which customers have variable levels of patience. For such problems, cycles of decreasing prices may no longer be optimal, but numerical experiments nevertheless suggest that such a decreasing cyclic policy ( suitably chosen) often performs quite well.
WOS研究方向	Business & Economics ; Operations Research & Management Science
语种	英语
出版者	INFORMS
WOS记录号	WOS:000367833500006
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1439]
专题	上海财经大学
通讯作者	Liu, Yan
作者单位	1.Shanghai Univ Finance & Econ, Sch Informat Management & Engn, Res Ctr Management Sci & Data Analyt, Shanghai 200433, Peoples R China; 2.Univ Minnesota, Dept Ind & Syst Engn, Minneapolis, MN 55455 USA
推荐引用方式 GB/T 7714	Liu, Yan,Cooper, William L.. Optimal Dynamic Pricing with Patient Customers[J]. OPERATIONS RESEARCH,2015,63(6):1307-1319.
APA	Liu, Yan,&Cooper, William L..(2015).Optimal Dynamic Pricing with Patient Customers.OPERATIONS RESEARCH,63(6),1307-1319.
MLA	Liu, Yan,et al."Optimal Dynamic Pricing with Patient Customers".OPERATIONS RESEARCH 63.6(2015):1307-1319.