{"id":"https://openalex.org/W2888476157","doi":"https://doi.org/10.1287/mnsc.2018.3194","title":"Dynamic Learning and Pricing with Model Misspecification","display_name":"Dynamic Learning and Pricing with Model Misspecification","publication_year":2019,"publication_date":"2019-08-01","ids":{"openalex":"https://openalex.org/W2888476157","doi":"https://doi.org/10.1287/mnsc.2018.3194","mag":"2888476157"},"language":"en","primary_location":{"is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2018.3194","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false},"type":"article","type_crossref":"journal-article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://dspace.mit.edu/bitstream/1721.1/125840/2/SSRN-id2859672.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5103150766","display_name":"Mila Nambiar","orcid":"https://orcid.org/0000-0001-9445-6516"},"institutions":[{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Mila Nambiar","raw_affiliation_strings":["Operations Research Center, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139;"],"affiliations":[{"raw_affiliation_string":"Operations Research Center, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139;","institution_ids":["https://openalex.org/I63966007"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5112431388","display_name":"David Simchi\u2010Levi","orcid":null},"institutions":[{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"David Simchi-Levi","raw_affiliation_strings":["Institute for Data, Systems, and Society, Department of Civil and Environmental Engineering, and Operations Research Center, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139;"],"affiliations":[{"raw_affiliation_string":"Institute for Data, Systems, and Society, Department of Civil and Environmental Engineering, and Operations Research Center, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139;","institution_ids":["https://openalex.org/I63966007"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5100351646","display_name":"He Wang","orcid":"https://orcid.org/0000-0001-7444-2053"},"institutions":[{"id":"https://openalex.org/I130701444","display_name":"Georgia Institute of Technology","ror":"https://ror.org/01zkghx44","country_code":"US","type":"education","lineage":["https://openalex.org/I130701444"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"He Wang","raw_affiliation_strings":["School of Industrial and Systems Engineering, Georgia Institute of Technology, Atlanta, Georgia 30332"],"affiliations":[{"raw_affiliation_string":"School of Industrial and Systems Engineering, Georgia Institute of Technology, Atlanta, Georgia 30332","institution_ids":["https://openalex.org/I130701444"]}]}],"institution_assertions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":9.838,"has_fulltext":true,"fulltext_origin":"pdf","cited_by_count":81,"citation_normalized_percentile":{"value":0.999918,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":98,"max":99},"biblio":{"volume":"65","issue":"11","first_page":"4980","last_page":"5000"},"is_retracted":false,"is_paratext":false,"primary_topic":{"id":"https://openalex.org/T12101","display_name":"Advanced Bandit Algorithms Research","score":0.9998,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12101","display_name":"Advanced Bandit Algorithms Research","score":0.9998,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11161","display_name":"Consumer Market Behavior and Pricing","score":0.9987,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11182","display_name":"Auction Theory and Applications","score":0.998,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/dynamic-pricing","display_name":"Dynamic Pricing","score":0.73615634},{"id":"https://openalex.org/keywords/endogeneity","display_name":"Endogeneity","score":0.73242587}],"concepts":[{"id":"https://openalex.org/C2779391423","wikidata":"https://www.wikidata.org/wiki/Q17009728","display_name":"Dynamic pricing","level":2,"score":0.73615634},{"id":"https://openalex.org/C610760","wikidata":"https://www.wikidata.org/wiki/Q1340706","display_name":"Endogeneity","level":2,"score":0.73242587},{"id":"https://openalex.org/C2781386248","wikidata":"https://www.wikidata.org/wiki/Q11898700","display_name":"Revenue management","level":3,"score":0.61382043},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5935469},{"id":"https://openalex.org/C51355593","wikidata":"https://www.wikidata.org/wiki/Q3194154","display_name":"Price elasticity of demand","level":2,"score":0.5567545},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5077094},{"id":"https://openalex.org/C195487862","wikidata":"https://www.wikidata.org/wiki/Q850210","display_name":"Revenue","level":2,"score":0.4971781},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.43708447},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3482396},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"is_oa":false,"landing_page_url":"https://doi.org/10.1287/mnsc.2018.3194","pdf_url":null,"source":{"id":"https://openalex.org/S33323087","display_name":"Management Science","issn_l":"0025-1909","issn":["0025-1909","1526-5501"],"is_oa":false,"is_in_doaj":false,"is_core":true,"host_organization":"https://openalex.org/P4310315699","host_organization_name":"Institute for Operations Research and the Management Sciences","host_organization_lineage":["https://openalex.org/P4310315699"],"host_organization_lineage_names":["Institute for Operations Research and the Management Sciences"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false},{"is_oa":true,"landing_page_url":"https://hdl.handle.net/1721.1/125840","pdf_url":"https://dspace.mit.edu/bitstream/1721.1/125840/2/SSRN-id2859672.pdf","source":{"id":"https://openalex.org/S4306400425","display_name":"DSpace@MIT (Massachusetts Institute of Technology)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I63966007","host_organization_name":"Massachusetts Institute of Technology","host_organization_lineage":["https://openalex.org/I63966007"],"host_organization_lineage_names":["Massachusetts Institute of Technology"],"type":"repository"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true}],"best_oa_location":{"is_oa":true,"landing_page_url":"https://hdl.handle.net/1721.1/125840","pdf_url":"https://dspace.mit.edu/bitstream/1721.1/125840/2/SSRN-id2859672.pdf","source":{"id":"https://openalex.org/S4306400425","display_name":"DSpace@MIT (Massachusetts Institute of Technology)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I63966007","host_organization_name":"Massachusetts Institute of Technology","host_organization_lineage":["https://openalex.org/I63966007"],"host_organization_lineage_names":["Massachusetts Institute of Technology"],"type":"repository"},"license":"cc-by-nc-sa","license_id":"https://openalex.org/licenses/cc-by-nc-sa","version":"publishedVersion","is_accepted":true,"is_published":true},"sustainable_development_goals":[],"grants":[],"datasets":[],"versions":[],"referenced_works_count":25,"referenced_works":["https://openalex.org/W1506313179","https://openalex.org/W1507943102","https://openalex.org/W1570963478","https://openalex.org/W1976362794","https://openalex.org/W1978907431","https://openalex.org/W2054434031","https://openalex.org/W2066326864","https://openalex.org/W2068490100","https://openalex.org/W2096355537","https://openalex.org/W2103641595","https://openalex.org/W2105284341","https://openalex.org/W2119350633","https://openalex.org/W2124248187","https://openalex.org/W2137959882","https://openalex.org/W2144007493","https://openalex.org/W2153205326","https://openalex.org/W2161509455","https://openalex.org/W2168718873","https://openalex.org/W3122984207","https://openalex.org/W3122984617","https://openalex.org/W3123260353","https://openalex.org/W3123482145","https://openalex.org/W3125180115","https://openalex.org/W4229737049","https://openalex.org/W74203006"],"related_works":["https://openalex.org/W3167448713","https://openalex.org/W2895891960","https://openalex.org/W2808755562","https://openalex.org/W2740158290","https://openalex.org/W2528408760","https://openalex.org/W2360530351","https://openalex.org/W2048050128","https://openalex.org/W2029598999","https://openalex.org/W1997881597","https://openalex.org/W1963479726"],"abstract_inverted_index":{"We":[0,40,72,93,143],"study":[1],"a":[2,14,47,74,118,131,155],"multiperiod":[3],"dynamic":[4],"pricing":[5,70],"problem":[6],"with":[7],"contextual":[8,138],"information,":[9],"where":[10],"the":[11,30,33,96,126,137,150],"seller":[12,19],"uses":[13],"misspecified":[15],"demand":[16,55],"model.":[17],"The":[18],"sequentially":[20],"observes":[21],"past":[22],"demand,":[23],"updates":[24],"model":[25,43,109],"parameters,":[26],"and":[27,51,67,111,134,161],"then":[28],"chooses":[29],"price":[31,50,64,76,84,88,128,132,181],"for":[32,180],"next":[34],"period":[35],"based":[36],"on":[37,154,171],"time-varying":[38],"features.":[39],"show":[41,94],"that":[42,80,95,104,112,163,176],"misspecification":[44],"leads":[45,61],"to":[46,62,86,108,117,148,166],"correlation":[48],"between":[49],"prediction":[52],"error":[53],"of":[54,120,152],"per":[56],"period,":[57],"which,":[58],"in":[59],"turn,":[60],"inconsistent":[63],"elasticity":[65],"estimates":[66],"hence":[68],"suboptimal":[69],"decisions.":[71],"propose":[73],"\u201crandom":[75],"shock\u201d":[77],"(RPS)":[78],"algorithm":[79,98],"dynamically":[81],"generates":[82],"randomized":[83],"shocks":[85],"estimate":[87],"elasticity,":[89],"while":[90],"maximizing":[91],"revenue.":[92],"RPS":[97,153],"has":[99],"strong":[100],"theoretical":[101],"performance":[102,151],"guarantees,":[103],"it":[105,113],"is":[106,130,140,164],"robust":[107],"misspecification,":[110],"can":[114],"be":[115],"adapted":[116],"number":[119],"business":[121],"settings,":[122],"including":[123],"(1)":[124],"when":[125,136],"feasible":[127],"set":[129,160],"ladder":[133],"(2)":[135],"information":[139],"not":[141,178],"IID.":[142],"also":[144],"perform":[145],"offline":[146],"simulations":[147],"gauge":[149],"large":[156],"fashion":[157],"retail":[158],"data":[159],"find":[162],"expected":[165],"earn":[167],"8%\u201320%":[168],"more":[169],"revenue":[170],"average":[172],"than":[173],"competing":[174],"algorithms":[175],"do":[177],"account":[179],"endogeneity.":[182],"This":[183],"paper":[184],"was":[185],"accepted":[186],"by":[187],"Serguei":[188],"Netessine,":[189],"operations":[190],"management.":[191]},"cited_by_api_url":"https://api.openalex.org/works?filter=cites:W2888476157","counts_by_year":[{"year":2024,"cited_by_count":7},{"year":2023,"cited_by_count":17},{"year":2022,"cited_by_count":21},{"year":2021,"cited_by_count":18},{"year":2020,"cited_by_count":12},{"year":2019,"cited_by_count":5},{"year":2017,"cited_by_count":1}],"updated_date":"2024-12-14T01:19:03.069270","created_date":"2018-08-31"}