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Dynamic Price Quotation in a Responsive Supply Chain for One-of-a-Kind Production

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Author
Nault, Barrie R
Zhang, Jian (Ray)
Yonag, Wensheng
Tu, Yiliu
Accessioned
2015-05-25T22:13:56Z
Available
2015-05-25T22:13:56Z
Issued
2012-09
Subject
Dynamic Pricing
Make-to-order
Parametric learning
Capacity management
Responsive supply chain
One-of-a-kind production
Type
journal article
Metadata
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Abstract
This paper studies the setting in which a one-of-a-kind production (OKP) firm offers two types of orders (due-date guaranteed and due-date unguaranteed) at different prices to the sequentially arriving customers, who are also OKP production firms. The prices for two types of orders are quoted to each customer on its arrival. We study two problems in this setting. First, we model a dynamic pricing strategy (DPS) and compare our DPS with a constant pricing strategy (CPS). Through a numerical test, we show that both the firm and its customers are better off when our DPS is employed, so that the DPS improves overall performance of the supply chain. Through an industry case, a custom window production firm, we show how to apply the proposed DPS when products are complex. We also develop a method to adaptively estimate the firm's available capacity, the number of future arrivals and the distributions of the customers' willingness to pay and impatience factor. The simulation result shows that, when multiple distribution parameters are unknown, the proposed parameter estimating method results in estimates close to the true values.
Elsevier: We are able to post the post print/accepted author manuscript or the pre-print file (http://www.elsevier.com/journal-authors/author-rights-and-responsibilities#author-posting). Article deposited according to publisher's policy. 05/25/2015
 
Citation
Zhang, J., Nault, B.R., Yang, W., and Y.Tu, "Dynamic Price Quotation in a Responsive Supply Chain for One-of-a-Kind Production," International Journal of Production Economics, 139 (September 2012), 275-287.
Corporate
University of Calgary
Department
Management Information Systems
Faculty
Haskayne School of Business
Institution
University of Calgary
Publisher
Elsevier
Doi
http://dx.doi.org/10.11575/PRISM/28794
Uri
http://hdl.handle.net/1880/50441
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  • Haskayne School of Business Research & Publications

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