A Partially Observed Markov Decision Process for Dynamic Pricing

Article OPEN
Yossi Aviv; Amit Pazgal;
(2005)
  • Journal: Management Science, volume 51, issue 9 September, pages 1,400-1,416
  • Identifiers: doi: 10.1287/mnsc.1050.0393
  • Subject: learning, partially observed Markov decision processes, pricing, revenue management
In this paper, we develop a stylized partially observed Markov decision process (POMDP) framework to study a dynamic pricing problem faced by sellers of fashion-like goods. We consider a retailer that plans to sell a given stock of items during a finite sales season. Th... View more
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