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Sloan School of Management, MIT, Cambridge, Massachusetts 02139
In this paper, we examine the research and results of dynamic pricing policies and their relation to revenue management. The survey is based on a generic revenue management problem in which a perishable and nonrenewable set of resources satisfy stochastic price sensitive demand processes over a finite period of time. In this class of problems, the owner (or the seller) of these resources uses them to produce and offer a menu of final products to the end customers. Within this context, we formulate the stochastic control problem of capacity that the seller faces: How to dynamically set the menu and the quantity of products and their corresponding prices to maximize the total revenue over the selling horizon.
Stern School of Business, New York University, New York, New York 10012
gbitran(mit.edu
rcaldent(stern.nyu.edu
History: Received: August 19, 2002;
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