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An index for dynamic product promotion and the knapsack problem for perishable items

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Author Info
Peter Jacko ()
Jose Nino-MOra ()
Abstract

This paper introduces the knapsack problem for perishable items (KPPI), which concerns the optimal dynamic allocation of a limited promotion space to a collection of perishable items. Such a problem is motivated by applications in a variety of industries, where products have an associated lifetime after which they cannot be sold. The paper builds on recent developments on restless bandit indexation and gives an optimal marginal productivity index policy for the dynamic (single) product promotion problem with closed-form indices that yield estructural insights. The performance of the proposed policy for KPPI is investigated in a computational study.

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Paper provided by Universidad Carlos III, Departamento de Estadística y Econometría in its series Statistics and Econometrics Working Papers with number ws093111.

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Date of creation: May 2009
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Handle: RePEc:cte:wsrepe:ws093111

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Related research
Keywords: Dynamic promotion; Perishable items; Index policies; Knapsack problem; Festless bandits; Finite horizon; Marginal productivity index;

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  1. José Niño-Mora, 2007. "Dynamic priority allocation via restless bandit marginal productivity indices," TOP: An Official Journal of the Spanish Society of Statistics and Operations Research, Springer, vol. 15(2), pages 161-198, December. [Downloadable!] (restricted)
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This page was last updated on 2009-12-21.

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