<?xml version="1.0" encoding="UTF-8"?><xml><records><record><source-app name="Biblio" version="7.x">Drupal-Biblio</source-app><ref-type>17</ref-type><contributors><authors><author><style face="normal" font="default" size="100%">Burnetas, AN</style></author><author><style face="normal" font="default" size="100%">Smith, C.E.</style></author></authors></contributors><titles><title><style face="normal" font="default" size="100%">Adaptive ordering and pricing for perishable products</style></title><secondary-title><style face="normal" font="default" size="100%">Operations Research</style></secondary-title></titles><keywords><keyword><style  face="normal" font="default" size="100%">Adaptive ordering</style></keyword><keyword><style  face="normal" font="default" size="100%">Adaptive pricing</style></keyword><keyword><style  face="normal" font="default" size="100%">Approximation theory</style></keyword><keyword><style  face="normal" font="default" size="100%">Convergence of numerical methods</style></keyword><keyword><style  face="normal" font="default" size="100%">costs</style></keyword><keyword><style  face="normal" font="default" size="100%">Decision theory</style></keyword><keyword><style  face="normal" font="default" size="100%">Demand distribution</style></keyword><keyword><style  face="normal" font="default" size="100%">Multiarmed bandit problem</style></keyword><keyword><style  face="normal" font="default" size="100%">Operations research</style></keyword><keyword><style  face="normal" font="default" size="100%">Perishable products</style></keyword><keyword><style  face="normal" font="default" size="100%">probability</style></keyword><keyword><style  face="normal" font="default" size="100%">Problem solving</style></keyword><keyword><style  face="normal" font="default" size="100%">Purchasing</style></keyword><keyword><style  face="normal" font="default" size="100%">Random processes</style></keyword></keywords><dates><year><style  face="normal" font="default" size="100%">2000</style></year></dates><urls><web-urls><url><style face="normal" font="default" size="100%">https://www.scopus.com/inward/record.uri?eid=2-s2.0-0034179714&amp;partnerID=40&amp;md5=f577d06601fd3515de720f165174db7b</style></url></web-urls></urls><number><style face="normal" font="default" size="100%">3</style></number><volume><style face="normal" font="default" size="100%">48</style></volume><pages><style face="normal" font="default" size="100%">436-443</style></pages><language><style face="normal" font="default" size="100%">eng</style></language><abstract><style face="normal" font="default" size="100%">We consider the combined problem of pricing and ordering for a perishable product with unknown demand distribution and censored demand observations resulting from lost sales, faced by a monopolistic retailer. We develop an adaptive pricing and ordering policy with the asymptotic property that the average realized profit per period converges with probability one to the optimal value under complete information on the distribution. The pricing mechanism is modeled as a multiarmed bandit problem, while the order quantity decision, made after the price level is established, is based on a stochastic approximation procedure with multiplicative updates.</style></abstract><notes><style face="normal" font="default" size="100%">cited By 37</style></notes></record></records></xml>