An optimal pricing policy under a Markov chain model
Science China Mathematics(2021)
Abstract
This paper is about an optimal pricing control under a Markov chain model. The objective is to dynamically adjust the product price over time to maximize a discounted reward function. It is shown that the optimal control policy is of threshold type. Closed-form solutions are obtained. A numerical example is also provided to illustrate our results.
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Key words
pricing control, Markov chain model, threshold policy, 49N90, 90C90, 93C95
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