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date: 11 April 2021

Abstract and Keywords

This article describes two specific areas of current research that will be significant for the future of pricing management. One area is the need for more empirical studies of pricing: categorizing and understanding how pricing is performed in different companies and different industries, what pricing processes and organizations are most effective, and what benefits have been delivered by automated systems. A second area is pricing with unknown response – the need for companies to learn about customer response at the same time that they are trying to make money. Some studies have shown that seemingly rational processes by which companies might update their customer response models based on new information could lead to suboptimal pricing. More research is needed to understand how pervasive this issue might be in practice and how such processes could be improved.

Keywords: pricing management, empirical studies, customer response, unknown response

Özalp Özer

Özalp Özer is Professor of Management at the University of Texas at Dallas. He was also a faculty member at Columbia University and Stanford University. His areas of specialization include pricing management, supply chain management, global production and distribution system design, contract and incentive design, capacity and inventory planning. His articles on these topics have appeared in leading academic journals such as Management Science and Operations Research. He has also received several teaching awards by vote of students at Columbia and Stanford. National Science Foundation and Fortune 500 companies have supported his research and teaching activities. He is an active consultant to industries such as high technology and retail. He has been invited to present his work in national and international conferences and in lectures at universities, such as MIT Sloan Business School of Management, INSEAD, and London Business School. He received his PhD and MS degrees from Columbia University.

Robert Phillips

Robert Phillips is Professor of Professional Practice at Columbia University and Founder and Chief Science Officer at Nomis Solutions. He is also Director of the Center for Pricing and Revenue Management at Columbia University. Dr. Phillips has years of experience in pricing and revenue management in a wide variety of industries including airlines, hotels, rental cars, automotive, air freight, cruise lines, retail, and financial services. He is the former CEO of Talus Solutions and of Decision Focus Incorporated and author of the widely used textbook Pricing and Revenue Optimization. Dr. Phillips has served as a lecturer at the Stanford University Graduate School of Business and has published in many journals. He received his PhD from Stanford University in Engineering Economic Systems.

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