Dynamic Pricing and Learning with Competition: Insights from the Dynamic Pricing Challenge at the 2017 INFORMS RM & Pricing Conference
General Finance
2019-03-13 v1 Optimization and Control
Abstract
This paper presents the results of the Dynamic Pricing Challenge, held on the occasion of the 17th INFORMS Revenue Management and Pricing Section Conference on June 29-30, 2017 in Amsterdam, The Netherlands. For this challenge, participants submitted algorithms for pricing and demand learning of which the numerical performance was analyzed in simulated market environments. This allows consideration of market dynamics that are not analytically tractable or can not be empirically analyzed due to practical complications. Our findings implicate that the relative performance of algorithms varies substantially across different market dynamics, which confirms the intrinsic complexity of pricing and learning in the presence of competition.
Keywords
Cite
@article{arxiv.1804.03219,
title = {Dynamic Pricing and Learning with Competition: Insights from the Dynamic Pricing Challenge at the 2017 INFORMS RM & Pricing Conference},
author = {Ruben van de Geer and Arnoud V. den Boer and Christopher Bayliss and Christine Currie and Andria Ellina and Malte Esders and Alwin Haensel and Xiao Lei and Kyle D. S. Maclean and Antonio Martinez-Sykora and Asbjørn Nilsen Riseth and Fredrik Ødegaard and Simos Zachariades},
journal= {arXiv preprint arXiv:1804.03219},
year = {2019}
}