Related papers: A mathematical model for pricing perishable goods …
We consider the problem of dynamic pricing with limited supply. A seller has $k$ identical items for sale and is facing $n$ potential buyers ("agents") that are arriving sequentially. Each agent is interested in buying one item. Each…
We present a fast, flexible heuristic for setting up warehouse locations for quick commerce businesses, with the goal of serving the largest number of customers under the constraints of delivery radius and maximum daily deliveries per…
This paper explores the application of a reinforcement learning (RL) framework using the Q-Learning algorithm to enhance dynamic pricing strategies in the retail sector. Unlike traditional pricing methods, which often rely on static demand…
When randomness in demand affects the sales of a product, retailers use dynamic pricing strategies to maximize their profits. In this article, we formulate the pricing problem as a continuous-time stochastic optimal control problem and find…
In complex systems, many different parts interact in non-obvious ways. Traditional research focuses on a few or a single aspect of the problem so as to analyze it with the tools available. To get a better insight of phenomena that emerge…
Accurate demand forecasting is one of the key aspects for successfully managing restaurants and staff canteens. In particular, properly predicting future sales of menu items allows a precise ordering of food stock. From an environmental…
We address the challenging problem of dynamically pricing complementary items that are sequentially displayed to customers. An illustrative example is the online sale of flight tickets, where customers navigate through multiple web pages.…
We consider a general queueing system with price-sensitive customers in which the service provider seeks to balance two objectives, maximizing the average revenue rate and minimizing the average queue length. Customers arrive according to a…
The wastage of perishable items has led to significant health and economic crises, increasing business uncertainty and fluctuating customer demand. This issue is worsened by online food delivery services, where frequent and unpredictable…
According to the main international reports, more pervasive industrial and business-process automation, thanks to machine learning and advanced analytic tools, will unlock more than 14 trillion USD worldwide annually by 2030. In the…
The disruption of supplies during the Covid-19 crisis has led to shortages but has also shown the adaptability of some companies, which have succeeded in adapting their production chains quickly to produce goods experiencing shortages:…
Accuracy of crop price forecasting techniques is important because it enables the supply chain planners and government bodies to take appropriate actions by estimating market factors such as demand and supply. In emerging economies such as…
We address a dynamic pricing problem for airlines aiming to maximize expected revenue from selling cargo space on a single-leg flight. The cargo shipments' weight and volume are uncertain and their precise values remain unavailable at the…
Classical algorithms for market equilibrium computation such as proportional response dynamics face scalability issues with Internet-based applications such as auctions, recommender systems, and fair division, despite having an almost…
We consider a retailer selling a single product with limited on-hand inventory over a finite selling season. Customer demand arrives according to a Poisson process, the rate of which is influenced by a single action taken by the retailer…
The analysis of markets with indivisible goods and fixed exogenous prices has played an important role in economic models, especially in relation to wage rigidity and unemployment. This research report provides a mathematical and…
The food production industry, especially the meat production sector, faces many challenges that have even escalated due to the recent outbreak of the energy crisis in the European Union. Therefore, efficient use of input materials is an…
We study the problem of a seller dynamically pricing $d$ distinct types of indivisible goods, when faced with the online arrival of unit-demand buyers drawn independently from an unknown distribution. The goods are not in limited supply,…
With the ever increasing prominence of data in retail operations, sales forecasting has become an essential pillar in the efficient management of inventories. When facing high demand, the use of backroom storage and intraday shelf…
In this paper, we explore the challenge of assortment planning in the context of quick-commerce, a rapidly-growing business model that aims to deliver time-sensitive products. In order to achieve quick delivery to satisfy the immediate…