Abstract
Any dynamic pricing model requires establishing how demand responds to changes in price. This paper is dedicated to mathematical models of monopoly systems. Strong assumptions are made to obtain tractable models. While such mathematical models can hardly represent real-life situations, they help understanding the relationship between price and customers’ purchasing behavior. Two mathematical models are presented: (i) A stochastic dynamic pricing model for time dated items without salvage values; (ii) A stochastic dynamic pricing model for time dated items with salvage values. We limit ourselves to time dated items with no supply option in monopolistic environments with myopic customers.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
