Revenue management with minimax regret negotiations

dc.contributor.authorAyvaz Çavdaroğlu, Nur
dc.contributor.authorKachani, Soulaymane
dc.contributor.authorMaglaras, Costis
dc.date.accessioned2020-12-29T20:07:52Z
dc.date.available2020-12-29T20:07:52Z
dc.date.issued2016
dc.departmentFakülteler, İşletme Fakültesi, İşletme Bölümüen_US
dc.description.abstractWe study the dynamic bilateral price negotiations from the perspective of a monopolist seller. We first study the classical static problem with an added uncertainty feature. Next, we review the dynamic negotiation problem, and propose a simple deterministic "fluid" analog. The main emphasis of the paper is in analyzing the relationship of the dynamic negotiation problem and the classical revenue management problems; and expanding the formulation to the case where both the buyer and seller have limited prior information on their counterparty valuation. Our first result shows that if both the seller and buyer are bidding so as to minimize their maximum regret, then it is optimal for them to bid as if the unknown valuation distributions were uniform. Building on this result and the fluid formulation of the dynamic negotiation problem, we characterize the seller's minimum acceptable price at any given point in time. (C) 2015 Elsevier Ltd. All rights reserved.en_US
dc.identifier.citation8
dc.identifier.doi10.1016/j.omega.2015.09.009en_US
dc.identifier.endpage22en_US
dc.identifier.issn0305-0483en_US
dc.identifier.issn0305-0483
dc.identifier.scopus2-s2.0-84984910928en_US
dc.identifier.scopusqualityQ1
dc.identifier.startpage12en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12469/3693
dc.identifier.urihttps://doi.org/10.1016/j.omega.2015.09.009
dc.identifier.volume63en_US
dc.identifier.wosWOS:000379374000002en_US
dc.identifier.wosqualityQ1
dc.institutionauthorAyvaz Çavdaroğlu, Nuren_US
dc.language.isoenen_US
dc.publisherPergamon-Elsevıer Scıence Ltden_US
dc.relation.journalOmega-International Journal of Management Scienceen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectAllocationen_US
dc.subjectBiddingen_US
dc.subjectResource managementen_US
dc.titleRevenue management with minimax regret negotiationsen_US
dc.typeArticleen_US
dspace.entity.typePublication

Files

Original bundle

Now showing 1 - 1 of 1
Loading...
Thumbnail Image
Name:
PSY321_MHARMA.pdf
Size:
278.34 KB
Format:
Adobe Portable Document Format
Description: