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Seminar
Department of Systems Engineering and Engineering Management
The Chinese
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Title |
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Joint Inventory and Pricing Decisions with
Promotions |
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Speaker |
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Prof. Miao SONG |
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Dept of Industrial and Manufacturing Systems Engineering |
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The |
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Date |
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June 12, 2012 (Tue) |
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Time |
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11:00a.m. - 12:15p.m. |
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Venue |
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Room 513 |
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William M.W. Mong Engineering
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(Engineering Building Complex Phase 2) |
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CUHK |
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Abstract:
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This paper studies a joint inventory and pricing model with multiplicative stochastic demand in a dynamic programming framework, where the retailer has an option to quote both a regular selling price and a promotional price in each period. We show that the optimal inventory control policy remains a basestock policy and identify the conditions under which the regular and promotional prices should be quoted. When the price-dependent demand is derived from a utility model, we further characterize the optimal pricing policy, and study the monotonic properties about the amount of promotional discount and the additional profit gained by the promotional option. Numerical results also shed light on how the value gained by promotion changes with respect to various input parameters, the demand function, and the length of the planning horizon. |
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Biography:
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Dr. Miao Song earned her PhD degree from
Massachusetts Institute of Technology in 2010. She is currently an assistant
professor in the Department of Industrial and Manufacturing Systems Engineering
at the |
************************* ALL ARE WELCOME ************************
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Host |
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Prof. Duan Li |
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Tel |
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(852) 3943-8316 |
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Enquiries |
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Prof. Nan Chen or Prof. Sean X. Zhou |
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Department of Systems Engineering and Engineering
Management |
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CUHK |
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