Performance bounds on optimal fixed prices

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dc.citation.epage534en_US
dc.citation.issueNumber5en_US
dc.citation.spage530en_US
dc.citation.volumeNumber41en_US
dc.contributor.authorŞen, A.en_US
dc.date.accessioned2016-02-08T09:36:33Z
dc.date.available2016-02-08T09:36:33Z
dc.date.issued2013en_US
dc.departmentDepartment of Industrial Engineeringen_US
dc.description.abstractWe consider the problem of selling a fixed stock of items over a finite horizon when the buyers arrive following a Poisson process. We obtain a general lower bound on the performance of using a fixed price rather than dynamically adjusting the price. The bound is 63.21% for one unit of inventory, and it improves as the inventory increases. For the one-unit case, we also obtain tight bounds: 89.85% for the constant-elasticity and 96.93% for the linear price-response functions.en_US
dc.description.provenanceMade available in DSpace on 2016-02-08T09:36:33Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 70227 bytes, checksum: 26e812c6f5156f83f0e77b261a471b5a (MD5) Previous issue date: 2013en
dc.identifier.doi10.1016/j.orl.2013.06.013en_US
dc.identifier.eissn1872-7468
dc.identifier.issn0167-6377
dc.identifier.urihttp://hdl.handle.net/11693/20853
dc.language.isoEnglishen_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.orl.2013.06.013en_US
dc.source.titleOperations Research Lettersen_US
dc.subjectDynamic pricingen_US
dc.subjectHeuristicsen_US
dc.subjectRevenue managementen_US
dc.subjectYield managementen_US
dc.subjectFinite horizonsen_US
dc.subjectPerformance boundsen_US
dc.subjectPoisson processen_US
dc.subjectPrice-response functionsen_US
dc.titlePerformance bounds on optimal fixed pricesen_US
dc.typeArticleen_US

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