NDLI: Feature-based Dynamic Pricing

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Feature-based Dynamic Pricing

Content Provider	ACM Digital Library
Author	Cohen, Maxime C. Paes Leme, Renato Lobel, Ilan
Abstract	We consider the problem faced by a firm that receives highly differentiated products in an online fashion and needs to price them in order to sell them to its customer base. Products are described by vectors of features and the market value of each product is linear in the values of the features. The firm does not initially know the values of the different features, but it can learn the values of the features based on whether products were sold at the posted prices in the past. This model is motivated by a question in online advertising, where impressions arrive over time and can be described by vectors of features. We first consider a multi-dimensional version of binary search over polyhedral sets, and show that it has exponential worst-case regret. We then propose a modification of the prior algorithm where uncertainty sets are replaced by their Lowner-John ellipsoids. We show that this algorithm has a worst-case regret that is quadratic in the dimensionality of the feature space and logarithmic in the time horizon.
Starting Page	817
Ending Page	817
Page Count	1
File Format	PDF
ISBN	9781450339360
DOI	10.1145/2940716.2940728
Language	English
Publisher	Association for Computing Machinery (ACM)
Publisher Date	2016-07-21
Publisher Place	New York
Access Restriction	Subscribed
Subject Keyword	Online ads Contextual bandits Revenue management Online learning Ellipsoid method
Content Type	Text
Resource Type	Article

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