Weight function optimization of dynamic pricing profit for perishable product: Considering leftovers and salvage value A. V. Kitaeva, Y. Cao
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ArticleContent type: Текст Media type: электронный Subject(s): динамическое ценообразование | сложный пуассоновский процесс | диффузионная аппроксимация | временной горизонт | ликвидационная стоимостьGenre/Form: статьи в сборниках Online resources: Click here to access online
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Информационные технологии и математическое моделирование ИТММ-2023. Ч. 1 : материалы XXII Международной конференции имени А. Ф. Терпугова, 4-9 декабря 2023 г Ч. 1. С. 308-313Abstract: We consider a single product under a finite time horizon and a non-homogeneous compound Poisson customers flow with a rate depending on the stock level and an unknown time-dependent weight function. The rate is controlled by a retail price. In the framework of the diffusion approximation of the stock level process and a linear representation of an intensity-of-price dependence. Considering the salvage value of product, we solve the task of the expected profit maximization with respect to the weight function and lot size. We propose a simple approximation of the optimal weight function
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We consider a single product under a finite time horizon and a non-homogeneous compound Poisson customers flow with a rate depending on the stock level and an unknown time-dependent weight function. The rate is controlled by a retail price. In the framework of the diffusion approximation of the stock level process and a linear representation of an intensity-of-price dependence. Considering the salvage value of product, we solve the task of the expected profit maximization with respect to the weight function and lot size. We propose a simple approximation of the optimal weight function
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