An AI-Based System for Pricing Diverse Products and Services

This paper describes an applied research work that looks at different ways to effectively manage resources. Particularly, it describes how revenue management techniques can be used to balance demand against capacity, and describes a system that uses different OR and Al techniques to intelligently price diverse products and services. This system can produce pricing policies for wide range of products and services regardless of the model of demand used. The system incorporates a model specification layer, which provides flexibility in defining the demand model for different products. It also incorporates an optimisation layer, which takes the specified model as an input and produces the pricing and production guidelines for the product. The system can be either used as a stand alone system or can be incorporated as a generic modelling and optimisation component within a larger revenue management system.