Optimal dynamic pricing for deteriorating items with reference-price effects

被引：40
|
作者：
Xue, Musen [1 ]
Tang, Wansheng [1 ]
Zhang, Jianxiong [1 ]
机构：
[1] Tianjin Univ, Inst Syst Engn, Tianjin 300072, Peoples R China
来源：
INTERNATIONAL JOURNAL OF SYSTEMS SCIENCE | 2016年 / 47卷 / 09期
关键词：
dynamic pricing; inventory control; deteriorating items; reference price; optimal control; PERISHABLE PRODUCTS; INVENTORY CONTROL; CONSUMERS; DEMAND; POLICY; MODEL; OPTIMIZATION; CHOICE;
D O I：
10.1080/00207721.2014.970598
中图分类号：
TP [自动化技术、计算机技术];
学科分类号：
0812 ;
摘要：
In this paper, a dynamic pricing problem for deteriorating items with the consumers' reference-price effect is studied. An optimal control model is established to maximise the total profit, where the demand not only depends on the current price, but also is sensitive to the historical price. The continuous-time dynamic optimal pricing strategy with reference-price effect is obtained through solving the optimal control model on the basis of Pontryagin's maximum principle. In addition, numerical simulations and sensitivity analysis are carried out. Finally, some managerial suggestions that firm may adopt to formulate its pricing policy are proposed.
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页码：2022 / 2031
页数：10
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