Dynamic pricing of product and delivery time in multi-variant production using an actor critic reinforcement learning

Research output: Journal contributionsJournal articlesResearchpeer-review

Authors

  • Florian Stamer
  • Gisela Lanza

The profitability of manufacturers in multi-variant production is challenged by the combination of increasing customer requirements and volatile supply chains. A potential solution is dynamic pricing, where customers can select a delivery time and price based on their preferences, and demand can be balanced during peak times. This paper presents a dynamic pricing approach using an actor-critic reinforcement learning agent in combination with a production simulation model and applies it in the automation technology industry.

Original languageEnglish
JournalCIRP Annals
Volume72
Issue number1
Pages (from-to)405-408
Number of pages4
ISSN0007-8506
DOIs
Publication statusPublished - 01.2023
Externally publishedYes

Bibliographical note

Publisher Copyright:
© 2023 CIRP

    Research areas

  • Adaptive manufacturing, Dynamic pricing, Mass customization
  • Engineering