Journal article
Optimal control of a revenue management system with dynamic pricing facing linear demand
Abstract
This paper considers a dynamic pricing problem over a finite horizon where demand for a product is a time‐varying linear function of price. It is assumed that at the start of the horizon there is a fixed amount of the product available. The decision problem is to determine the optimal price at each time period in order to maximize the total revenue generated from the sale of the product. In order to obtain structural results we formulate the …
Authors
Chou F; Parlar M
Journal
Optimal Control Applications and Methods, Vol. 27, No. 6, pp. 323–347
Publisher
Wiley
Publication Date
November 2006
DOI
10.1002/oca.785
ISSN
0143-2087