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Learning Curve: A Simulation-based Approach to Dynamic Pricing (2003)
| Content Provider | CiteSeerX |
|---|---|
| Author | Dimicco, Joan Morris Greenwald, Amy Joanie, Pattie Maes |
| Abstract | By employing dynamic pricing, sellers have the potential to increase their revenue by selling their goods at prices customized to the buyers ’ demand, the market environment, and the seller’s supply at the moment of the transaction. As dynamic pricing becomes a necessary competitive maneuver, and as market mechanisms become more complex, there is a growing need for software agents to be used to automate the task of implementing instantaneous price changes. But prior to using dynamic pricing agents, sellers need to understand the implications of agent pricing strategies on their marketplaces. The following article presents the Learning Curve Simulator, a market simulator designed for analyzing agent pricing strategies in markets under finite time horizons and fluctuation buyer demand. Through an in-depth description of the simulator’s capabilities and an example of strategy analysis, we demonstrate the strength of a simulation-based approach to understanding agent pricing strategies. |
| File Format | |
| Journal | IEEE Transactions on MicrowaveTheory and Techniques |
| Publisher Date | 2003-01-01 |
| Access Restriction | Open |
| Subject Keyword | Fluctuation Buyer Demand Understanding Agent Pricing Strategy Software Agent In-depth Description Dynamic Pricing Dynamic Pricing Agent Market Environment Finite Time Horizon Instantaneous Price Change Market Simulator Seller Supply Agent Pricing Strategy Simulator Capability Following Article Learning Curve Simulator Buyer Demand Necessary Competitive Maneuver Strategy Analysis Simulation-based Approach |
| Content Type | Text |
| Resource Type | Article |
