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Optimal Pricing in Finite Server Systems

Ashok Krishnan, KS and Singh, C and Maguluri, ST and Parag, P (2020) Optimal Pricing in Finite Server Systems. In: 2020 18th International Symposium on Modeling and Optimization in Mobile, Ad Hoc, and Wireless Networks, WiOPT 2020, 15-19 June 2020, Volos; Greece.

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Abstract

We consider a system of K servers, where customers arrive according to a Poisson process, and have independent and identical (i.i.d.) exponential service times and i.i. d. valuations of the service. We consider the setting where customers leave when they find all servers busy. Service provider announces a price to an incoming customer, depending on the number of busy servers. An incoming arrival enters the system if its valuation exceeds the price. We find the optimal state dependent pricing, that maximizes the revenue rate for the service provider. © 2020 International Federation for Information Processing (IFIP).

Item Type: Conference Paper
Publication: 2020 18th International Symposium on Modeling and Optimization in Mobile, Ad Hoc, and Wireless Networks, WiOPT 2020
Publisher: Institute of Electrical and Electronics Engineers Inc.
Additional Information: cited By 0; Conference of 18th International Symposium on Modeling and Optimization in Mobile, Ad Hoc, and Wireless Networks, WiOPT 2020 ; Conference Date: 15 June 2020 Through 19 June 2020; Conference Code:162281
Keywords: Costs; Economics; Sales, K-server; Optimal pricing; Optimal state; Poisson process; Server system; Service provider; Service time, Mobile ad hoc networks
Department/Centre: Division of Electrical Sciences > Electrical Communication Engineering
Date Deposited: 14 Dec 2020 09:52
Last Modified: 14 Dec 2020 09:52
URI: http://eprints.iisc.ac.in/id/eprint/66839

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