Job-Lot Disposal Games
Seasonal fashion goods and seats on specific airline ights are examples of job lots whose disposal should be managed closely as a deadline approaches. We analyze a dynamic revenue management model in which firms set prices and hold back inventory for sale later in the season. Holdbacks correspond to booking limits in revenue management. At the beginning of the selling season the firms have a supply of goods that cannot be replenished before the season ends, and each time period they announce prices and choose that periods maximum sales volume. We concentrate on a model with demand functions that are stochastic, nonstationary, and isoelastic. If there is only a single firm, the resulting Markov decision process has a myopic optimum that can be specified nearly explicitly and is easily computed. This illuminates the dependence of optimal prices and booking limits on model parameters. If there are multiple firms, there is a myopic Markov-perfect equilibrium point that can be computed easily and facilitates the analysis of comparative dynamics.
Matthew J. Sobel Wei Wei
Department of Operations, Weatherhead School of Management, Case Western Reserve University, 10900 Euclid Ave., Cleveland, Ohio 44106-7235, USA
国际会议
2007 International Conference on Manufacturing & Service Operations Management(2007制造与服务运作管理国际学术会议)
北京
英文
2007-06-18（万方平台首次上网日期，不代表论文的发表时间）