Dynamic pricing and learning with competition: insights from the dynamic pricing challenge at the 2017 INFORMS RM & pricing conference

This paper presents the results of the Dynamic Pricing Challenge, held on the occasion of the 17th INFORMS Revenue Management and Pricing Section Conference on June 29–30, 2017 in Amsterdam, The Netherlands. For this challenge, participants submitted algorithms for pricing and demand learning of whi...

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Bibliographic Details
Published in:Journal of revenue and pricing management 2019-06, Vol.18 (3), p.185-203
Main Authors: van de Geer, Ruben, den Boer, Arnoud V., Bayliss, Christopher, Currie, Christine S. M., Ellina, Andria, Esders, Malte, Haensel, Alwin, Lei, Xiao, Maclean, Kyle D. S., Martinez-Sykora, Antonio, Riseth, Asbjørn Nilsen, Ødegaard, Fredrik, Zachariades, Simos
Format: Article
Language:English
Subjects:
algorismes
Algorismes computacionals
Algorithms
algoritmos
Algoritmos computacionales
aprendizaje
aprenentatge
Business and Management
competitive environment
Computer algorithms
Conferences
entorn competitiu
entorno competitivo
learning
marketplaces
mercados
mercats
Practice Article
Pricing policies
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Summary:This paper presents the results of the Dynamic Pricing Challenge, held on the occasion of the 17th INFORMS Revenue Management and Pricing Section Conference on June 29–30, 2017 in Amsterdam, The Netherlands. For this challenge, participants submitted algorithms for pricing and demand learning of which the numerical performance was analyzed in simulated market environments. This allows consideration of market dynamics that are not analytically tractable or can not be empirically analyzed due to practical complications. Our findings implicate that the relative performance of algorithms varies substantially across different market dynamics, which confirms the intrinsic complexity of pricing and learning in the presence of competition.
ISSN:1476-6930
1477-657X
1477-657X
DOI:10.1057/s41272-018-00164-4