Journal article
M.F. Anjos, R.C.H. Cheng, C.S.M. Currie
European Journal of Operational Research, vol. 166(1), 2005, pp. 246-254
European Journal of Operational Research, vol. 166(1), 2005, pp. 246-254
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APA
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Anjos, M. F., Cheng, R. C. H., & Currie, C. S. M. (2005). Optimal pricing policies for perishable products. European Journal of Operational Research, 166(1), 246–254.
Chicago/Turabian
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Anjos, M.F., R.C.H. Cheng, and C.S.M. Currie. “Optimal Pricing Policies for Perishable Products.” European Journal of Operational Research 166, no. 1 (2005): 246–254.
MLA
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Anjos, M. F., et al. “Optimal Pricing Policies for Perishable Products.” European Journal of Operational Research, vol. 166, no. 1, 2005, pp. 246–54.
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@article{m2005a,
title = {Optimal pricing policies for perishable products},
year = {2005},
issue = {1},
journal = {European Journal of Operational Research},
pages = {246-254},
volume = {166},
author = {Anjos, M.F. and Cheng, R.C.H. and Currie, C.S.M.}
}
Abstract
In many industrial settings, managers face the problem of establishing a pricing policy that maximises the revenue from selling a given inventory of items by a fixed deadline, with the full inventory of items being available for sale from the beginning of the selling period. This problem arises in a variety of industries, including the sale of fashion garments, flight seats, and hotel rooms. We present a family of continuous pricing functions for which the optimal pricing strategy can be explicitly characterised and easily implemented. These pricing functions are the basis for a general pricing methodology which is particularly well suited for application in the context of an increasing role for the Internet as a means to market goods and services.
