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

doi:10.1080/00207543.2015.1056320

CORC > 数学与系统科学研究院 > 中国科学院数学与系统科学研究院 > 应用数学研究所

	Optimal dynamic pricing problem considering patient and impatient customers' purchasing behaviour
	Cao, Ping 1; Fan, Mengmeng 2,3; Liu, Ke2,3
刊名	INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH
	2015-11-17
卷号	53 期号:22 页码:6719-6735
关键词	pricing patient customer impatient customer control limit policy value of information
ISSN号	0020-7543
DOI	10.1080/00207543.2015.1056320
英文摘要	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.
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
语种	英语
出版者	TAYLOR & FRANCIS LTD
WOS记录号	WOS:000365529700005
内容类型	期刊论文
源URL	[http://ir.amss.ac.cn/handle/2S8OKBNM/21392]
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.