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

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  • Peter Jacko

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  • Jose Nino-MOra

    ()

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    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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    File URL: http://e-archivo.uc3m.es/bitstream/10016/4272/1/ws093111.pdf
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    Bibliographic Info

    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;

    This paper has been announced in the following NEP Reports:

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    1. Jason D. Papastavrou & Srikanth Rajagopalan & Anton J. Kleywegt, 1996. "The Dynamic and Stochastic Knapsack Problem with Deadlines," Management Science, INFORMS, vol. 42(12), pages 1706-1718, December.
    2. 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.
    3. Felipe Caro & Jérémie Gallien, 2007. "Dynamic Assortment with Demand Learning for Seasonal Consumer Goods," Management Science, INFORMS, vol. 53(2), pages 276-292, February.
    4. Wedad Elmaghraby & P{\i}nar Keskinocak, 2003. "Dynamic Pricing in the Presence of Inventory Considerations: Research Overview, Current Practices, and Future Directions," Management Science, INFORMS, vol. 49(10), pages 1287-1309, October.
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