Abstract In this paper, we consider a pricing problem faced by a seller that sells a given inventory of some product over a short selling horizon with limited demand information. The seller knows only that the demand is a linear function of the price, but does not know the parameters involved in the demand function. However, the seller knows that each parameter involved in the demand function belongs to a known interval. The seller’s objective is to determine the optimal price for the entire selling season to minimize the maximum regret, where the maximum regret is defined as the maximum possible loss of revenue due to not knowing the precise values of the parameters. We derive closed-form optimal solutions for the problem under all possible cases of input parameters and identify some structural properties of the solution. We conduct computational tests to compare our modeling approach with several benchmark approaches and report related insights.

中文翻译：

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在需求信息有限的情况下最大限度地减少最大遗憾的最佳定价

摘要在本文中，我们考虑了卖家面临的定价问题，该卖家在需求信息有限的情况下，在短期内销售某些产品的给定库存。卖方只知道需求是价格的线性函数，但不知道需求函数所涉及的参数。但是，卖方知道需求函数中涉及的每个参数都属于一个已知区间。卖方的目标是确定整个销售季节的最优价格以最小化最大遗憾，其中最大遗憾定义为由于不知道参数的精确值而造成的最大可能的收入损失。我们在所有可能的输入参数情况下为问题推导出封闭形式的最优解，并确定解的一些结构特性。