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    Dynamic pricing models for used products in remanufacturing with lost-sales and uncertain quality

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    Authors
    Xiong, Yu
    Li, Gendao
    Zhou, Yu
    Fernandes, Kiran
    Harrison, Richard
    Xiong, Zhongkai
    Affiliation
    Chongqing Technology and Business University
    Jilin University
    University of East Anglia
    Chongqing University
    University of Durham
    Queen′s University Belfast
    Issue Date
    2013-04-22
    Subjects
    remanufacturing
    dynamic pricing
    Markov decision process
    
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    Abstract
    In this paper, we investigate the remanufacturing problem of pricing single-class used products (cores) in the face of random price-dependent returns and random demand. Specifically, we propose a dynamic pricing policy for the cores and then model the problem as a continuous-time Markov decision process. We first design a basic model that does not consider the quality uncertainty of cores, and then extend our model to incorporate this factor. Besides proving optimal policy uniqueness and establishing monotonicity results for the optimal policy, we also characterize the impact of system parameters on the optimal policies, which can provide simple managerial insights. Finally, we use computational experiments to assess the benefits of dynamic pricing compared to static pricing and identify the impacts of specific parameters on the relative merits of dynamic pricing policy.
    Citation
    Xiong, Y. et al (2013) 'Dynamic pricing models for used products in remanufacturing with lost-sales and uncertain quality' International journal of production economics 147 (c) 378-688
    Publisher
    Elsevier
    Journal
    International journal of production economics
    URI
    http://hdl.handle.net/10547/594046
    DOI
    10.1016/j.ijpe.2013.04.025
    Additional Links
    http://www.sciencedirect.com/science/article/pii/S0925527313001898
    Type
    Article
    Language
    en
    ISSN
    0925-5273
    ae974a485f413a2113503eed53cd6c53
    10.1016/j.ijpe.2013.04.025
    Scopus Count
    Collections
    Centre for Advances in Marketing (CAM)

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