File Name: effects of dynamic pricing of perishable products on revenue and waste.zip
- Effects of dynamic pricing of perishable products on revenue and waste
- University of Twente Student Theses
- Pricing Perishables
- Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons
Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Sustainable Dynamic Pricing for Perishable Food with Stochastic Demand Abstract: In current competitive environment, retailers are facing a fierce competition and are aiming to manipulate customer purchasing attitudes. Dynamic pricing strategy is a major determinant of retailer's profitability when considering perishable food.
Effects of dynamic pricing of perishable products on revenue and waste
We present a literature review on quality and operations management problems in food supply chains. In food industry, the quality of the food products declines over time and should be addressed in the supply chain operations management. Managing food supply chains with operations management methods not only generates economic benefit, but also contributes to environmental and social benefits. The literature on this topic has been burgeoning in the past few years. Since , more than articles have been published on this topic in major operations research and management science journals.
Xuanming Su, Full references including those not matched with items on IDEAS Most related items These are the items that most often cite the same works as this one and are cited by the same works as this one. Strauss, Arne K. Murthy, Tang, Christopher S. Adam J.
In order to attract customers, many retailers are offering a large number of perishable products. This allows them to compete against the more traditional channels that specialize in these items Adenso-Diaz et al. Li et al. Perishable products often require careful handling, and their limited shelf life requires the implementation of some sort of strategy that manages the spoilage of outdated units. It is clear that adjusting prices according to product characteristics, instead of adopting a fixed price across the entire shelf life, may increase sales.
University of Twente Student Theses
Perishable products like dairy products, vegetables, fruits, pharmaceuticals, etc. Customers generally prefer the fresh products over aged ones, leading the perishable products to have a decreasing demand function with respect to their age. We analyze the inventory management and pricing decisions for these products, considering an age-and-price-dependent stochastic demand function. A stochastic dynamic programming model is developed in order to decide when and how much inventory to order and how to price these products considering their freshness over time. We prove the characteristics of the optimal solution of the developed model and extract managerial insights regarding the optimal inventory and pricing strategies.
Firms increasingly deploy algorithmic pricing approaches to determine what to charge for their goods and services. Algorithmic pricing can discriminate prices both dynamically over time and personally depending on individual consumer information. Although legal, the ethicality of such approaches needs to be examined as often they trigger moral concerns and sometimes outrage. In this research paper, we provide an overview and discussion of the ethical challenges germane to algorithmic pricing. As a basis for our discussion, we perform a systematic interpretative review of related articles on dynamic and personalized pricing as well as pricing algorithms in general. We then use this review to define the term algorithmic pricing and map its key elements at the micro-, meso-, and macro levels from a business and marketing ethics perspective.
In many industries, managers face the problem of selling a given stock of items by a deadline. We investigate the problem of dynamically pricing such inventories when demand is price sensitive and stochastic and the firm's objective is to maximize expected revenues. Examples that fit this framework include retailers selling fashion and seasonal goods and the travel and leisure industry, which markets space such as seats on airline flights, cabins on vacation cruises, and rooms in hotels that become worthless if not sold by a specific time. We formulate this problem using intensity control and obtain structural monotonicity results for the optimal intensity resp. For a particular exponential family of demand functions, we find the optimal pricing policy in closed form.
Felix, P. More statistics for this item Repository Staff Only: item control page. University of Twente Student Theses.
Dynamic pricing is one of the most exciting topics in the pricing world right now, with digitalization providing many great opportunities for companies to be more responsive with their pricing. But despite its technological underpinnings, dynamic pricing requires strong human oversight directed by a clear strategy. This shift has been largely enabled by digitalization; data is becoming more richly available, processing power is increasing and new technologies like electronic price tags are emerging that make it much easier for companies to adjust prices quickly and effectively. Dynamic pricing can be located within a broader move towards customization and personalization with the emergence of data — companies now have the power to learn more about their customers and differentiate customer segments by price sensitivity, linking this insight with key market variables, such as supply and demand, timing and perishability. The potential of dynamic pricing is huge.
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Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons
Он должен был бы удариться в панику, но этого не произошло: он точно знал, куда держит путь. Свернув влево, на Менендес-пелайо, он прибавил газу. Мотоцикл пересек крохотный парк и выкатил на булыжную мостовую Матеус-Гаго - узенькую улицу с односторонним движением, ведущую к порталу Баррио - Санта-Крус.
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