This paper is about an optimal pricing control under a Markov chain model.The objective is to dynamically adjust the product price over time to maximize a discounted reward function.It is shown that the optimal contro...This paper is about an optimal pricing control under a Markov chain model.The objective is to dynamically adjust the product price over time to maximize a discounted reward function.It is shown that the optimal control policy is of threshold type.Closed-form solutions are obtained.A numerical example is also provided to illustrate our results.展开更多
基金supported by National Natural Science Foundation of China (Grant Nos. 11831010 and 61961160732)Shandong Provincial Natural Science Foundation (Grant No. ZR2019ZD42)
文摘This paper is about an optimal pricing control under a Markov chain model.The objective is to dynamically adjust the product price over time to maximize a discounted reward function.It is shown that the optimal control policy is of threshold type.Closed-form solutions are obtained.A numerical example is also provided to illustrate our results.
