Modeling the Price-Based Revenue Management Problem


The objective of this chapter is to address the optimization module of the pricebased revenue management program. Optimal pricing strategies are derived for a used car retailer by applying stochastic optimal control theory and dynamic programming techniques to maximize expected profit.


Optimal Control Problem Inventory Level Price Strategy Optimal Price Marginal Revenue 
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© Betriebswirtschaftlicher Verlag Dr. Th. Gabler | GWV Fachverlage GmbH, Wiesbaden 2008

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