Markdown optimization for an apparel retailer under cross-price and initial inventory effects
作者：
Highlights：
• A markdown optimization problem is considered faced by a retailing industry.
• Products have substitution and complementary effects among each other.
• We determine simultaneously optimal pricing and initial inventory levels.
• We use ADP to find optimal markdown policies approximately.
• When cross-price and initial inventory are considered, revenues increase.
摘要
•A markdown optimization problem is considered faced by a retailing industry.•Products have substitution and complementary effects among each other.•We determine simultaneously optimal pricing and initial inventory levels.•We use ADP to find optimal markdown policies approximately.•When cross-price and initial inventory are considered, revenues increase.
论文关键词：Markdown optimization,Dynamic pricing,Cross-price elasticity,Approximate dynamic programming,Markov decision processes
论文评审过程：Received 22 September 2015, Revised 28 December 2016, Accepted 1 January 2017, Available online 3 January 2017, Version of Record 15 February 2017.
论文官网地址：https://doi.org/10.1016/j.knosys.2017.01.003
