Dynamic pricing and scheduling in a multi-class single-server queueing system |
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Authors: | Eren Başar Çil Fikri Karaesmen E Lerzan Örmeci |
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Institution: | (1) Faculty of Mathematics and Computer Science, Vrije Universiteit, De Boelelaan 1081a, 1081 HV Amsterdam, The Netherlands |
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Abstract: | This paper investigates an optimal sequencing and dynamic pricing problem for a two-class queueing system. Using a Markov
Decision Process based model, we obtain structural characterizations of optimal policies. In particular, it is shown that
the optimal pricing policy depends on the entire queue length vector but some monotonicity results prevail as the composition
of this vector changes. A numerical study finds that static pricing policies may have significant suboptimality but simple
dynamic pricing policies perform well in most situations. |
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Keywords: | |
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