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An online learning approach to dynamic pricing and capacity sizing in service systems. (arXiv:2009.02911v3 [math.PR] UPDATED)
Sept. 8, 2022, 1:13 a.m. | Xinyun Chen, Yunan Liu, Guiyu Hong
stat.ML updates on arXiv.org arxiv.org
We study a dynamic pricing and capacity sizing problem in a $GI/GI/1$ queue,
where the service provider's objective is to obtain the optimal service fee $p$
and service capacity $\mu$ so as to maximize the cumulative expected profit
(the service revenue minus the staffing cost and delay penalty). Due to the
complex nature of the queueing dynamics, such a problem has no analytic
solution so that previous research often resorts to heavy-traffic analysis
where both the arrival rate and service …
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