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Markdown optimization with an inventory-depletion effect
Journal of Revenue and Pricing Management, 2012The objective of markdown optimization is to find a monotonically decreasing sequence of merchandise prices that maximizes the revenue subject to inventory constraint and demand dependence on time, price and inventory level. This article examines the adverse effect of inventory depletion on the consumer demand also known as broken-assortment effect ...
Andrew Vakhutinsky +2 more
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OPTIMAL MARKDOWN PRICING STRATEGY WITH DEMAND LEARNING
Probability in the Engineering and Informational Sciences, 2011When launching a new product, a firm has to set an initial price with incomplete information about demand. However, after observing the demand over a period of time, the firm might decide to mark down the price, especially when the Bayesian updated belief about demand is lower than originally anticipated.
Kwon, H. Dharma +2 more
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Markdown optimization for an apparel retailer under cross-price and initial inventory effects
Knowledge-Based Systems, 2017A markdown optimization problem is considered faced by a retailing industry.Products have substitution and complementary effects among each other.We determine simultaneously optimal pricing and initial inventory levels.We use ADP to find optimal markdown policies approximately.When cross-price and initial inventory are considered, revenues increase ...
Cengiz Kahraman, Ufuk Kula
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Optimal markdown pricing for holiday basket with customer valuation
International Journal of Production Research, 2018We consider a problem in which a retailer who plans to sell holiday basket during a holiday and needs to determine an optimal markdown price for remaining inventory after the holiday.
Haijun Wang 0004 +2 more
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Provably Near-Optimal Simple Markdown Readjustment Pricing Policies
SSRN Electronic Journal, 2020We consider a canonical revenue management problem wherein a monopolist seller seeks to maximize expected total revenues from selling a fixed inventory of a product to customers who arrive sequentially over time, and the seller is restricted to implement a pricing policy that is non-increasing over time (i.e., markdown pricing).
Yiwei Chen, Stefanus Jasin
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Optimal online markdown and markup pricing policies with demand uncertainty
Information Processing Letters, 2015zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Guanqun Ni +3 more
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Optimal pricing and inventory strategies with multiple price markdowns over time
European Journal of Operational Research, 2015zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Wenming Chung +2 more
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Markdown Optimization—A Taxonomy and Realization of the Economic Decision Problem
2019The process of taking a markdown on products with a difference in the anticipated sales volume is common practice for a diverse range of businesses. The present decision problems include both the amount and the timing of markdowns. In this article, a taxonomy that structures the markdown optimization problem based on a state-of-the-art literature ...
Felix Weber, Reinhard Schütte
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Setting Optimal Markdown Timing for Competitive Products
2008 4th International Conference on Wireless Communications, Networking and Mobile Computing, 2008This paper deals with a kind of specific retailing that sells a fixed stock of perishable goods over a finite horizon. Under the case with the set of discrete available prices and given demand rates, Gallego and van Ryzin provides a two-price policy, which are easy for consumers to interpret and for firms to manage. However, if there exists competition
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