【主题】Dynamic Pricing with Restocking Opportunities
【时间】2009-12-315:30-17:00
【地点】清华经管学院 Shunde bldg. (舜德楼), Rm. 510
【语言】英文
【内容摘要】
This paper studies a joint inventory and dynamic pricing problem, in
which a retailer sells a seasonal product in a finite period. Customer
arrivals follow a non-homogeneous Poisson process and the demand process
depends on the product price and the distribution of customers'
reservation value. The retailer dynamically adjusts the product price
and has multiple opportunities to replenish her inventory at preset time
spots in the season. The retailer incurs a linear purchase cost besides
a fixed cost when restocking her inventory. Using a sample-path method
and the concept of K-concavity, we prove that the optimal inventory
control policy in the presence of dynamic pricing is (s, S)-polices.
Using numerical experiments, we find that the retailer may intentionally
lower the product price to drive down the inventory level when her
on-hand inventory level is close to the reorder point. This causes the
widely observed time-monotonicity and inventory-monotonicity of an
optimal dynamic pricing policy to break down when restocking
opportunities are available during the season.
【主讲人简介】
Xiaowei Xu is an assistant professor in the Department of Supply Chain
Management and Marketing Sciences，Rutgers Business School, The State
University of New Jersey. He received BS and MS in Applied Mathematics
from Tsinghua University (1997, 1999), MS in Statistics from Michigan
State University (2001) and PhD in Industrial Engineering and Management
Science from Northwestern University (2005).
His research areas include: OM-marketing interface, revenue management
and distribution channel management. He has published on Management
Science, Operations Research and M&SOM.
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