Optimal Dynamic Pricing of Perishable Items by a Monopolist Facing Strategic Consumers

2010 ◽  
Vol 19 (1) ◽  
pp. 40-60 ◽  
Author(s):  
Yuri Levin ◽  
Jeff McGill ◽  
Mikhail Nediak
Keyword(s):  
Dynamic Pricing ◽  
Strategic Consumers ◽  
Perishable Items ◽  
Optimal Dynamic

Optimal dynamic pricing for an electricity retailer in the price-responsive environment of smart grid

2021 ◽  
Vol 130 ◽  
pp. 107004
Author(s):  
Hossein Taherian ◽  
Mohammad Reza Aghaebrahimi ◽  
Luis Baringo ◽  
Saeid Reza Goldani
Keyword(s):  
Smart Grid ◽  
Dynamic Pricing ◽  
Optimal Dynamic

Existence and uniqueness of optimal dynamic pricing and advertising controls without concavity

2018 ◽  
Vol 46 (2) ◽  
pp. 199-204 ◽  
Author(s):  
Bertrand Crettez ◽  
Naila Hayek ◽  
Georges Zaccour
Keyword(s):  
Dynamic Pricing ◽  
Existence And Uniqueness ◽  
Optimal Dynamic

Optimal Dynamic Pricing for Trading-Off User Utility and Operator Profit in Smart Grid

2020 ◽  
Vol 50 (2) ◽  
pp. 455-467 ◽  
Author(s):  
Jannatul Ferdous ◽  
Md. Parvez Mollah ◽  
Md. Abdur Razzaque ◽  
Mohammad Mehedi Hassan ◽  
Atif Alamri ◽  
...  
Keyword(s):  
Smart Grid ◽  
Dynamic Pricing ◽  
Optimal Dynamic

scholarly journals Dynamic Pricing Based on Strategic Consumers and Substitutes in a Duopoly Setting

2014 ◽  
Vol 2014 ◽  
pp. 1-9
Author(s):  
Gongbing Bi ◽  
Lechi Li ◽  
Feng Yang ◽  
Liang Liang
Keyword(s):  
Decision Making ◽  
Nash Equilibrium ◽  
Product Differentiation ◽  
Dynamic Pricing ◽  
Dynamic Game ◽  
Solution Concept ◽  
Expected Value ◽  
Decision Making Process ◽  
Pricing Model ◽  
Strategic Consumers

Based on the rational strategic consumers, we construct a dynamic game to build a two-period dynamic pricing model for two brands of substitutes which are sold by duopoly. The solution concept of the dynamic game is Nash equilibrium. In our model, consumers have been clearly segmented into several consumption classes, according to their expected value of the products. The two competing firms enter a pricing game and finally reach the state of Nash equilibrium. In addition, decision-making process with only myopic consumers existing in the market is analyzed. To make the paper more practical and realistic, the condition, in which the myopic and strategic consumers both exist in the market, is also considered and studied. In order to help the readers understand better and make it intuitively more clearly, a numerical example is given to describe the influence of the main parameters to the optimal prices. The result indicates that, to maintain the firms’ respective optimal profits, the prices of the products should be adjusted appropriately with the changes of product differentiation coefficient.

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