Documents disponibles écrits par cet auteur

Joint dynamic pricing of multiple perishable products under consumer choice / Yalçın Akçay in Management science, Vol. 56 N° 8 (Août 2010) 

Public ISBD [article]  in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1345-1361 Titre : Joint dynamic pricing of multiple perishable products under consumer choice Type de document : texte imprimé Auteurs : Yalçın Akçay, Auteur ; Harihara Prasad Natarajan, Auteur ; Susan H. Xu, Auteur Année de publication : 2010 Article en page(s) : pp. 1345-1361 Note générale : Management Langues : Anglais (eng) Mots-clés : Dynamic  pricing  Revenue  management  Perishable  products  Consumer  choice  Vertical  and  horizontal  product  assortments  Efficient  algorithm Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In response to competitive pressures, firms are increasingly adopting revenue management opportunities afforded by advances in information and communication technologies. Motivated by these revenue management initiatives in industry, we consider a dynamic pricing problem facing a firm that sells given initial inventories of multiple substitutable and perishable products over a finite selling horizon. Because the products are substitutable, individual product demands are linked through consumer choice processes. Hence, the seller must formulate a joint dynamic pricing strategy while explicitly incorporating consumer behavior. For an integrative model of consumer choice based on linear random consumer utilities, we model this multiproduct dynamic pricing problem as a stochastic dynamic program and analyze its optimal prices. The consumer choice model allows us to capture the linkage between product differentiation and consumer choice, and readily specializes to the cases of vertically and horizontally differentiated assortments. When products are vertically differentiated, our results show monotonicity properties (with respect to quality, inventory, and time) of the optimal prices and reveal that the optimal price of a product depends on higher quality product inventories only through their aggregate inventory rather than individual availabilities. Furthermore, we show that the price of a product can be decomposed into the price of its adjacent lower quality product and a markup over this price, with the markup depending solely on the aggregate inventory. We exploit these properties to develop a polynomial-time, exact algorithm for determining the optimal prices and the profit. For a horizontally differentiated assortment, we show that the profit function is unimodal in prices. We also show that individual, rather than aggregate, product inventory availability drives pricing. However, we find that monotonicity properties observed in vertically differentiated assortments do not hold. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc [article] Joint dynamic pricing of multiple perishable products under consumer choice [texte imprimé] / Yalçın Akçay, Auteur ; Harihara Prasad Natarajan, Auteur ; Susan H. Xu, Auteur . - 2010 . - pp. 1345-1361. Management Langues : Anglais (eng) in Management science > Vol. 56 N° 8 (Août 2010) . - pp. 1345-1361 Mots-clés : Dynamic  pricing  Revenue  management  Perishable  products  Consumer  choice  Vertical  and  horizontal  product  assortments  Efficient  algorithm Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : In response to competitive pressures, firms are increasingly adopting revenue management opportunities afforded by advances in information and communication technologies. Motivated by these revenue management initiatives in industry, we consider a dynamic pricing problem facing a firm that sells given initial inventories of multiple substitutable and perishable products over a finite selling horizon. Because the products are substitutable, individual product demands are linked through consumer choice processes. Hence, the seller must formulate a joint dynamic pricing strategy while explicitly incorporating consumer behavior. For an integrative model of consumer choice based on linear random consumer utilities, we model this multiproduct dynamic pricing problem as a stochastic dynamic program and analyze its optimal prices. The consumer choice model allows us to capture the linkage between product differentiation and consumer choice, and readily specializes to the cases of vertically and horizontally differentiated assortments. When products are vertically differentiated, our results show monotonicity properties (with respect to quality, inventory, and time) of the optimal prices and reveal that the optimal price of a product depends on higher quality product inventories only through their aggregate inventory rather than individual availabilities. Furthermore, we show that the price of a product can be decomposed into the price of its adjacent lower quality product and a markup over this price, with the markup depending solely on the aggregate inventory. We exploit these properties to develop a polynomial-time, exact algorithm for determining the optimal prices and the profit. For a horizontally differentiated assortment, we show that the profit function is unimodal in prices. We also show that individual, rather than aggregate, product inventory availability drives pricing. However, we find that monotonicity properties observed in vertically differentiated assortments do not hold. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/56/8.toc

Managing an available-to-promise assembly system with dynamic short-term pseudo-order forecast / Long Gao in Management science, Vol. 58 N° 4 (Avril 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 4 (Avril 2012) . - pp. 770-790 Titre : Managing an available-to-promise assembly system with dynamic short-term pseudo-order forecast Type de document : texte imprimé Auteurs : Long Gao, Auteur ; Susan H. Xu, Auteur ; Michael O. Ball, Auteur Année de publication : 2012 Article en page(s) : pp. 770-790 Note générale : Management Langues : Anglais (eng) Mots-clés : Available-to-promise  Pseudo  orders  Markov  Stochastic  dynamic  programming  Prioritization  Resource  and  demand  matching  Resource-imbalance-based  rationing  Short-term  and  long-term  forecasts  robustness Résumé : We study an order promising problem in a multiclass, available-to-promise (ATP) assembly system in the presence of pseudo orders. A pseudo order refers to a tentative customer order whose attributes, such as the likelihood of an actual order, order quantity, and confirmation timing, can change dynamically over time. A unit demand from any class is assembled from one manufactured unit and one inventory unit, where the manufactured unit takes one unit of capacity and needs a single period to produce. An accepted order must be filled before a positive delivery lead time. The underlying order acceptance decisions involve trade-offs between committing resources (production capacity and component inventory) to low-reward firm orders and reserving resources for high-reward orders. We develop a Markov chain model that captures the key characteristics of pseudo orders, including demand lumpiness, nonstationarity, and volatility. We then formulate a stochastic dynamic program for the ATP assembly system that embeds the Markov chain model as a short-term forecast for pseudo orders. We show that the optimal order acceptance policy is characterized by class prioritization, resource-imbalance-based rationing, and capacity-inventory-demand matching. In particular, the rationing level for each class is determined by a critical value that depends on the resource imbalance level, defined as the net difference between the production capacity and component inventory levels. Extensive numerical tests underscore the importance of the key properties of the optimal policy and provide operational and managerial insights on the value of the short-term demand forecast and the robustness of the optimal policy. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/4/770.abstract [article] Managing an available-to-promise assembly system with dynamic short-term pseudo-order forecast [texte imprimé] / Long Gao, Auteur ; Susan H. Xu, Auteur ; Michael O. Ball, Auteur . - 2012 . - pp. 770-790. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 4 (Avril 2012) . - pp. 770-790 Mots-clés : Available-to-promise  Pseudo  orders  Markov  Stochastic  dynamic  programming  Prioritization  Resource  and  demand  matching  Resource-imbalance-based  rationing  Short-term  and  long-term  forecasts  robustness Résumé : We study an order promising problem in a multiclass, available-to-promise (ATP) assembly system in the presence of pseudo orders. A pseudo order refers to a tentative customer order whose attributes, such as the likelihood of an actual order, order quantity, and confirmation timing, can change dynamically over time. A unit demand from any class is assembled from one manufactured unit and one inventory unit, where the manufactured unit takes one unit of capacity and needs a single period to produce. An accepted order must be filled before a positive delivery lead time. The underlying order acceptance decisions involve trade-offs between committing resources (production capacity and component inventory) to low-reward firm orders and reserving resources for high-reward orders. We develop a Markov chain model that captures the key characteristics of pseudo orders, including demand lumpiness, nonstationarity, and volatility. We then formulate a stochastic dynamic program for the ATP assembly system that embeds the Markov chain model as a short-term forecast for pseudo orders. We show that the optimal order acceptance policy is characterized by class prioritization, resource-imbalance-based rationing, and capacity-inventory-demand matching. In particular, the rationing level for each class is determined by a critical value that depends on the resource imbalance level, defined as the net difference between the production capacity and component inventory levels. Extensive numerical tests underscore the importance of the key properties of the optimal policy and provide operational and managerial insights on the value of the short-term demand forecast and the robustness of the optimal policy. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/4/770.abstract