Capacitated assortment and price optimization under the multinomial logit model

被引：78
|
作者：
Wang, Ruxian [1 ]
机构：
[1] Hewlett Packard Labs, Palo Alto, CA 94304 USA
来源：
OPERATIONS RESEARCH LETTERS | 2012年 / 40卷 / 06期
关键词：
Multinomial logit model; Assortment optimization; Multi-product price optimization; Efficient assortment; REVENUE MANAGEMENT; CHOICE MODEL;
D O I：
10.1016/j.orl.2012.08.003
中图分类号：
C93 [管理学]; O22 [运筹学];
学科分类号：
070105 ; 12 ; 1201 ; 1202 ; 120202 ;
摘要：
We consider an assortment and price optimization problem where a retailer chooses an assortment of competing products and determines their prices to maximize the total expected profit subject to a capacity constraint. Customers' purchase behavior follows the multinomial logit choice model with general utility functions. This paper simplifies it to a problem of finding a unique fixed point of a single-dimensional function and visualizes the assortment optimization process. An efficient algorithm to find the optimal assortment and prices is provided. (C) 2012 Elsevier B.V. All rights reserved.
引用
收藏
页码：492 / 497
页数：6
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