Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. In economics, demand is the consumer's ...

We consider a single-product revenue management problem where, given an initial inventory, the objective is to dynamically adjust prices over a finite sales horizon to maximize expected revenues.

The first section of this paper deals with the properties any demand system should have if it is derived from any utility function. We find that the utility function under consideration could not be ...