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The Pricing Problem
Published online by Cambridge University Press: 27 July 2009
Abstract
A sequential procedure to select optimal prices based on maximum likelihood estimation is considered. Asymptotic properties of the pricing scheme and the concommitant estimation problem are examined. For small sample sizes, simulation results show that the proposed procedure has high efficiency relative to the best procedure when the parameter is known.
- Type
- Research Article
- Information
- Probability in the Engineering and Informational Sciences , Volume 1 , Issue 3 , July 1987 , pp. 349 - 366
- Copyright
- Copyright © Cambridge University Press 1987