Optimal ordering and pricing policies in a single-period environment with multivariate demand and markdowns

Optimal ordering and pricing policies in a single-period environment with multivariate demand and markdowns

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Article ID: iaor19991598
Country: Netherlands
Volume: 103
Issue: 3
Start Page Number: 573
End Page Number: 583
Publication Date: Dec 1997
Journal: European Journal of Operational Research
Authors: ,
Abstract:

This paper investigates a single-period inventory model in which the demand of the product is a deterministic, multivariate function of price, time, and level of inventory. Models are formulated for the basic pricing case and the case with a price markdown during the season. Solution methodologies are presented for each case when the pricing decisions are predetermined and when they are decision variables. Comments on the practical use of this model are presented, and sensitivity analysis is conducted on the decision variables and demand parameters.

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