Abstract and Keywords
Dynamic list pricing (DLP) belongs to the broad field of revenue management (RM), a practice that emerged more than three decades ago in the airline industry, and since then has been expanding into other business areas such as hospitality, car rental, retailing, and financial services. Under DLP, sellers use prices as a mechanism to control demand and maximize revenues; hence, DLP is considered to be a price-based RM strategy. This article surveys the large body of modelling-based research in dynamic pricing. Section 23.2 discusses the foundations of DLP: single-product models with finite and non-replenishable capacity. Section 23.3 is devoted to multiple products generated from a given set of limited resources. Section 23.4 brings in the forecasting process. Section 23.5 surveys models that capture the phenomenon of strategic waiting. Section 23.6 is devoted to other behavioural considerations and their impact on the pricing practice. Section 23.7 concludes and discusses directions for future research.
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