Abstract When randomness in demand affects the sales of a product, retailers use dynamic pricing strategies to maximize their profits. In this article, we formulate the pricing problem as a continuous-time stochastic optimal control problem and find the optimal policy by solving the associated Hamilton–Jacobi–Bellman (HJB) equation. We propose a new approach to modelling the […]
We consider a practical dynamic pricing problem with two substitutable products involving a number of business rules commonly seen in practice. Demand substitution exists between the two products (interproduct substitution) and may also exist across different time periods (intertemporal substitution). However, there is limited demand information such that the underlying probability distributions of the demand […]
Background While food pricing is a promising strategy to improve diet, the prospective impact of food pricing on diet has not been systematically quantified. Objective To quantify the prospective effect of changes in food prices on dietary consumption. Design We systematically searched online databases for interventional or prospective observational studies of price change and diet; […]
Are you struggling with your pricing strategy? Many startups fall into the trap of under-valuing what they do. They think they have to keep their prices low until they can prove they’re worth more. Few even have a pricing strategy. What is your product worth? How much should you charge for your services? How do […]
Importance Prices for laboratory and other clinical services vary widely. Employers and insurers increasingly are adopting “reference pricing” policies to create incentives for patients to select lower-priced facilities. Objective To measure the association between implementation of reference pricing and patient choice of laboratory, test prices, patient out-of-pocket spending, and insurer spending. Design, Setting, and Participants […]
Abstract The high market price of new anticancer agents has stimulated debate about the long-term sustainability of healthcare systems and whether these new agents can continue to be supported by public healthcare or by private insurers. In addition, some drugs have been approved with limited clinical benefit, raising concerns about setting a minimum requirement for […]
When deployed correctly, pricing optimization solutions are powerful tools that deliver a clear business edge to retailers. Not only are they capable of setting prices for promotional products that consistently hit sell-through goals, but they can also help the entire product catalog sell at full price. But the catch is these sophisticated solutions can only […]
Ever wonder how much the price you pay for an All-You-Can-Eat (AYCE) buffet influences how you feel at the end of the meal? To explore this idea and address the lack of studies that do, this study examines whether pricing affects key indicators such as overeating, physical discomfort, and guilt. Researchers discovered that lower paying […]
EXECUTIVE SUMMARY — Dealers who need to price idiosyncratic products-like houses, artwork, and used cars-often struggle with a lack of information about the demand for their specific items. Analyzing sales data from the used-car retail market, the authors of this paper develop a model of dynamic pricing for idiosyncratic products, showing that seller learning has […]
Adithya Pattabhiramaiah, S. Sriram, and Shrihari Sridhar focus on the U.S. print newspaper industry, a quintessential two-sided market, to study how major changes in advertising demand influences prices to readers and advertisers. Online media present major challenges to traditional advertising-supported markets such as print newspapers. Between 2006 and 2011, daily print newspapers lost 20% of […]
Higher price means higher quality in consumers’ minds: Study | Big News Network
Washington D.C [USA], July 24 (ANI): Why are we willing to pay much more for a six pack of craft beer, a locally produced bottle of wine or a regional brand item, often choosing them over national brands? It’s because when people prefer to ‘buy local,’ they more frequently base their decisions on price as […]
Disneyland ticket prices have skyrocketed more than 5,000% since the Anaheim theme park opened in 1955, according to a new study. A study from the United Kingdom-based Play Like Mum mommy blog looked at the rising costs of admission tickets over the past six decades at Disney theme parks around the world. Disneyland admission cost […]
Job: Principle Pricing Analyst | Worldpay
Description Principle Pricing Analyst The Company Worldpay is a global payments leader powering international commerce with deep fintech expertise and a shared passion for our customers. Whether in-store, online, or on a mobile device, we process over 40 billion transactions annually and offer more than 300 payment methods supporting 126 currencies across 146 countries. It’s […]
Considering a Subscription Model? Avoid These Rookie Mistakes | IndustryWeek
The subscription economy is taking business by storm. Entire industries have moved to subscription-based pricing, leaving behind some of the slow movers but also giving new life to companies that were struggling. Some talk about the end of ownership and the start of usership. It is a real revolution. Industrial companies have lately been getting […]
Statistics for Dynamic Pricing of Theatre | Towards Data Science
Summary: Dynamic pricing is the practice of adjusting a price to meet its demand, or market value. Given the difficulty of selling 100% of a performance’s tickets and that any unsold tickets immediately expire once a performance starts, dynamic pricing shows promise of lowering ticket prices while increasing revenue for shows. Included are several statistical […]
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