Optimal dynamic pricing for clearance sales on the spot market
Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 2009.
| Main Author: | |
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| Other Authors: | |
| Format: | Thesis |
| Language: | eng |
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Massachusetts Institute of Technology
2010
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| Online Access: | http://hdl.handle.net/1721.1/53127 |
| _version_ | 1826191452654272512 |
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| author | Ileri, Fırat |
| author2 | Stanley B. Gershwin. |
| author_facet | Stanley B. Gershwin. Ileri, Fırat |
| author_sort | Ileri, Fırat |
| collection | MIT |
| description | Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 2009. |
| first_indexed | 2024-09-23T08:56:23Z |
| format | Thesis |
| id | mit-1721.1/53127 |
| institution | Massachusetts Institute of Technology |
| language | eng |
| last_indexed | 2024-09-23T08:56:23Z |
| publishDate | 2010 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/531272019-04-10T19:50:36Z Optimal dynamic pricing for clearance sales on the spot market Ileri, Fırat Stanley B. Gershwin. Massachusetts Institute of Technology. Dept. of Electrical Engineering and Computer Science. Massachusetts Institute of Technology. Dept. of Electrical Engineering and Computer Science. Electrical Engineering and Computer Science. Thesis (M. Eng.)--Massachusetts Institute of Technology, Dept. of Electrical Engineering and Computer Science, 2009. Includes bibliographical references (p. 79). In this thesis, we develop an optimal dynamic pricing strategy for clearance sales of a textile manufacturing company which allows last-minute cancellations of orders without penalty. This company faces the difficult task of determining the optimal prices to clear the unsold products which result from last-minute order cancellations of its customers. The presented results in this thesis provide the company with a mathematical tool which can be used to optimally and dynamically set prices to maximize the profits in the clearance sales. We assume that buyers are myopic, demand multiple units of products and have independent demand. We also assume that the company has limited information on the valuation of buyers. Using these assumptions, an analytical model and estimations from the historical data are developed and dynamic programming is used to devise an optimal dynamic pricing strategy for the clearance sales of the company. by Fırat Ileri. M.Eng. 2010-03-25T15:04:38Z 2010-03-25T15:04:38Z 2009 2009 Thesis http://hdl.handle.net/1721.1/53127 503460007 eng M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 79 p. application/pdf Massachusetts Institute of Technology |
| spellingShingle | Electrical Engineering and Computer Science. Ileri, Fırat Optimal dynamic pricing for clearance sales on the spot market |
| title | Optimal dynamic pricing for clearance sales on the spot market |
| title_full | Optimal dynamic pricing for clearance sales on the spot market |
| title_fullStr | Optimal dynamic pricing for clearance sales on the spot market |
| title_full_unstemmed | Optimal dynamic pricing for clearance sales on the spot market |
| title_short | Optimal dynamic pricing for clearance sales on the spot market |
| title_sort | optimal dynamic pricing for clearance sales on the spot market |
| topic | Electrical Engineering and Computer Science. |
| url | http://hdl.handle.net/1721.1/53127 |
| work_keys_str_mv | AT ilerifırat optimaldynamicpricingforclearancesalesonthespotmarket |