Name
Title | ||
|---|---|---|
Pricing to accelerate demand learning in dynamic assortment planning for perishable products. |
Abstract | ||
|---|---|---|
•We illustrate that parametric Bayesian updates based on observed sales data can be used effectively for demand learning.•We demonstrate that product assortment and prices need to be dynamically revised with demand learning.•We show it is profitable for retailers to give price reduction early in the sales season to accelerate demand learning.•We demonstrate that a retailer’s profitability can be improved by balancing exploration and exploitation of the market. |
Year | DOI | Venue |
|---|---|---|
2014 | 10.1016/j.ejor.2014.01.045 | European Journal of Operational Research |
Keywords | Field | DocType |
Assortment planning,Demand learning,Bayesian updating,Stochastic dynamic programming,Retailing | Economics,Bayesian inference,Assortment planning,Profitability index,Price optimization,Stochastic programming,Operations management,Bayesian probability | Journal |
Volume | Issue | ISSN |
237 | 2 | 0377-2217 |
Citations | PageRank | References |
4 | 0.38 | 21 |
Authors | ||
3 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| Masoud Talebian | 1 | 8 | 1.81 |
| Natashia Boland | 2 | 726 | 67.11 |
| Martin Savelsbergh | 3 | 2624 | 190.83 |