Optimal dynamic pricing problem considering patient and impatient customers' purchasing behaviour

doi:10.1080/00207543.2015.1056320

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	Optimal dynamic pricing problem considering patient and impatient customers' purchasing behaviour
	Cao, Ping 1; Fan, Mengmeng 2,3; Liu, Ke2,3
	2015-11-17
发表期刊	INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH
ISSN	0020-7543
卷号	53 期号:22 页码:6719-6735
摘要	We divide customers into two types according to their purchasing behaviour: one is impatient and the other is patient. An impatient customer will be immediately lost if his reservation price of the product is below the current price, while a patient customer will wait until the price drops below his reservation price and buy one item. The seller's objective is to maximise his expected discounted overall revenue by dynamically pricing. We prove that the optimal pricing policy has a control limit structure, examine the impact of the proportion parameter on the seller's expected discounted overall revenue and show that the limiting behaviour of the optimal pricing policy when there are little patient customers is the same as the optimal static pricing policy. We also show that the seller will make more profit if he partially knows the number of waiting customers by providing subscription service to customers. A set of numerical results illustrates the value of dynamic pricing and information with respect to problem parameters such as the arriving probability and the subscription probability.
关键词	pricing patient customer impatient customer control limit policy value of information
DOI	10.1080/00207543.2015.1056320
语种	英语
资助项目	National Natural Science Foundation of China[71390334] ; National Natural Science Foundation of China[71401159] ; National Natural Science Foundation of China[11271356] ; Fundamental Research Funds for the Central Universities[WK2040160009]
WOS研究方向	Engineering ; Operations Research & Management Science
WOS类目	Engineering, Industrial ; Engineering, Manufacturing ; Operations Research & Management Science
WOS记录号	WOS:000365529700005
出版者	TAYLOR & FRANCIS LTD
引用统计
文献类型	期刊论文
条目标识符	http://ir.amss.ac.cn/handle/2S8OKBNM/21393
专题	应用数学研究所
通讯作者	Fan, Mengmeng
作者单位	1.Univ Sci & Technol China, Sch Management, Hefei 230026, Peoples R China 2.Chinese Acad Sci, Acad Math & Syst Sci, MADIS, Beijing, Peoples R China 3.Chinese Acad Sci, Acad Math & Syst Sci, Natl Ctr Math & Interdisciplinary Sci, Beijing, Peoples R China
推荐引用方式 GB/T 7714	Cao, Ping,Fan, Mengmeng,Liu, Ke. Optimal dynamic pricing problem considering patient and impatient customers' purchasing behaviour[J]. INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH,2015,53(22):6719-6735.
APA	Cao, Ping,Fan, Mengmeng,&Liu, Ke.(2015).Optimal dynamic pricing problem considering patient and impatient customers' purchasing behaviour.INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH,53(22),6719-6735.
MLA	Cao, Ping,et al."Optimal dynamic pricing problem considering patient and impatient customers' purchasing behaviour".INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH 53.22(2015):6719-6735.