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Modeling the Price-Based Revenue Management Problem

Abstract

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.

Keywords

Optimal Control Problem Inventory Level Price Strategy Optimal Price Marginal Revenue 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Betriebswirtschaftlicher Verlag Dr. Th. Gabler | GWV Fachverlage GmbH, Wiesbaden 2008

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