Bayesian dithering for learning: Asymptotically optimal policies in dynamic pricing

• المؤلفون الرئيسيون: HUH, Woonghee Tim, KIM, Michael Jong, LIN, Meichun
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2022
• الموضوعات: Bayesian learning; dynamic pricing; exploration-exploitation; regret analysis; Operations and Supply Chain Management; Operations Research, Systems Engineering and Industrial Engineering
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/7312
• المؤسسة: Singapore Management University

We consider a dynamic pricing and learning problem where a seller prices multiple products and learns from sales data about unknown demand. We study the parametric demand model in a Bayesian setting. To avoid the classical problem of incomplete learning, we propose dithering policies under which pri...