Dynamic Pricing using machine learning
machine learning allows businesses to implement dynamic pricing on a large scale while taking into account hundreds if not thousands of pricing factors, including price elasticity, and showing specific prices to customer segments with corresponding willingness to pay.
Survey of machine learning algorithms for dynamic resource pricing in cloud
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The paper provides insights of various machines learning algorithm that could be helpful in deriving the dynamic pricing of resources in cloud. Currently machine learning has impact on many IT and non IT sectors. At the same time because of great change in computing from
Machine Learning Mechanism Design: Dynamic and Discriminatory Pricing in Auctions
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Page 1. Machine Learning Mechanism Design: Dynamic and Discriminatory Pricing in Auctions Jason D. Hartline Microsoft Research Silicon Valley (Joint with with . The Problem Sellers can extract more
Dynamic pricing in the airline industry
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Computerized reservation systems were developed in the 1950s to keep track of airline seat booking and fare information. Initially these were internal systems, but were soon made available to travel agents. Deregulation of airline pricing in 1978 permitted much more extensive use of
Dynamic Pricing in a Labor Market: Surge Pricing and Flexible Work on the Uber Platform.
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This paper studies how the dynamic pricing of tasks in the gig economy influences the supply of labor. A large economic literature has explored labor supply when workers can flexibly choose how long to work each day. In a study of taxi drivers, Camerer et al.(1997)
Price discrimination in e-commerce An examination of dynamic pricing in name-your-own price markets
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The enhanced abilities of online retailers to learn about their customers shopping behavior have increased fears of dynamic pricing , a practice in which a seller sets prices based on the estimated buyers willingness-to-pay. However, among online retailers, a deviation from
Dynamic pricing by scalable energy management systems-Field experiences and simulation results using PowerMatcher
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Response of demand, distributed generation and electricity storage (eg vehicle to grid) will be crucial for power systems management in the future smart electricity grid. In this paper, we describe a smart grid technology that integrates demand and supply flexibility in the
An optimal control problem of dynamic pricing
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An optimal control problem of dynamic pricing is studied. In the model, prices are chosen to sell multiple products to multiple customer classes over time. The products share a number of scarce resources. All parameters, such as the arrival rates of customers, their purchasing
Quantifying the benefits of dynamic pricing in the mass market
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Dynamic pricing of electricity is receiving increasing attention in the industry today because it holds the potential for significantly improving the efficiency of electricity markets in both restructured and nonrestructured states. Under dynamic pricing , customers pay lower prices
Consumer strategies for controlling electric water heaters under dynamic pricing
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Electricity used to heat water represents 9% of residential demand in the USA and can be 40% in other countries. Hourly residential use of hot water is often anti-coincident with the peak generation of electricity, presenting an opportunity for reducing consumer costs under
Using dynamic electricity pricing to address energy crises: Evidence from randomized field experiments
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We use field experiments to examine how consumers respond to two different types of policy intervention: social pressure and private incentives. Consumers in our experiment receive social pressure that requests them to reduce electricity usage in hours when the marginal
Dynamic pricing rule and RD
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This article models the intertemporal behaviour of a firm that sets product prices and simultaneously invests in RD. The model shows that the dynamic pricing rule follows the evolution of the production cost and is independent of the evolution of the product quality
The new realities of dynamic pricing
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It happens all the time. You walk into your favorite clothing store and discover that the jacket you just paid $155 for is now on sale for $79.99. Or even more painful, you go online and see that your new state-of-the-art laptop is not only no longer state of the art, its $ 200
Negotiating slas with dynamic pricing policies
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This position paper argues for research in the development of focused solutions for dynamic pricing , service-level agreements and negotiation for eServices in a digital economy. Thereby the authors have a main focus on the development of an independent negotiation
Revenue management without commitment: dynamic pricing and periodic fire sales
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We consider a market with a profit-maximizing monopolist seller who has K identical goods to sell before a deadline. At each point of time, the seller posts a price and the quantity available but cannot commit to future offers. Over time, potential buyers with different
Improve food retail supply chain operations with dynamic pricing and product tracing
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This paper investigates the potential value adding capability of dynamic product tracing to the food supply chain management. As the environment of supply chain processes affect product quality significantly, technologies and approaches for tracking and tracing products
Welfare effects of home automation technology with dynamic pricing
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A fixed cost investment in home automation technology can eliminate consumers marginal costs of responding to changing demand conditions. We estimate the welfare effects of a home automation technology using a field experiment run by a large electric utility that
Transition to dynamic pricing
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The views expressed in this letter are strictly those of the authors and do not necessarily state or reflect the views of The Brattle Group, Inc We lose $10 billion each year due to flat But only 1% are on time-based rates And only 1% of these are on dynamic pricing
Dynamic pricing and inventory control: The value of demand learning
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This paper studies various approaches to demand learning in the context of a one-shot inventory replenishment problem with dynamic pricing . The customer arrival process is assumed to be piecewise deterministic and Markovian with an unknown parameter
Data-driven learning in dynamic pricing using adaptive optimization
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We consider the pricing problem faced by a retailer endowed with a finite inventory of a product offered over a finite planning horizon in an environment where customers are price- sensitive. The parameters of the product demand curve are fixed but unknown to the seller
Impact of dynamic pricing strategies on consumer behavior
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While hotels come up with various discount strategies to attract consumers, especially during a recession, both hotels and consumers seem to favor dynamic pricing . Yet there are not enough studies available to reveal that dynamic pricing would positively impact
The end-users as starting point for designing dynamic pricing approaches to change household energy consumption behaviours
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The increasing deployment of intermittent resources, decentralised generation, and the expectation of further electrification pose a number of challenges to DSOs and TSOs in relation to the balance of supply and demand. The increasing interest in demand reduction
A dynamic pricing model under duopoly competition
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We introduce and analyze a multi-period, finite horizon, no-replenishment, dynamic pricing model under duopoly competition between two retailers who sell an identical good. According to our duopoly competition model, a single consumer, whose valuation is