Learning dynamic prices in multiseller electronic retail markets with price sensitive customers, stochastic demands, and inventory replenishments

In this paper, we use reinforcement learning (RL) as a tool to study price dynamics in an electronic retail market consisting of two competing sellers, and price sensitive and lead time sensitive customers. Sellers, offering identical products, compete on price to satisfy stochastically arriving demands (customers), and follow standard inventory control and replenishment policies to manage their inventories. In such a generalized setting, RL techniques have not previously been applied. We consider two representative cases: 1) no information case, were none of the sellers has any information about customer queue levels, inventory levels, or prices at the competitors; and 2) partial information case, where every seller has information about the customer queue levels and inventory levels of the competitors. Sellers employ automated pricing agents, or pricebots, which use RL-based pricing algorithms to reset the prices at random intervals based on factors such as number of back orders, inventory levels, and replenishment lead times, with the objective of maximizing discounted cumulative profit. In the no information case, we show that a seller who uses Q-learning outperforms a seller who uses derivative following (DF). In the partial information case, we model the problem as a Markovian game and use actor-critic based RL to learn dynamic prices. We believe our approach to solving these problems is a new and promising way of setting dynamic prices in multiseller environments with stochastic demands, price sensitive customers, and inventory replenishments.

Patent Price Dynamics in the Context of Patent Age and Patent Latent Variables

The decision to patent a technology is a difficult one to make for the top management of any organization. The expected value that the patent might deliver in the market is an important factor that impacts this judgement. Earlier researchers have suggested that patent prices are better indicators of value of a patent and that auction prices are the best way of determining value. However, the lack of public data on pricing has prevented research on understanding the dynamics of patent pricing. Our paper uses singleton patent auction price data of Ocean Tomo LLC to study the prices of patents. We describe price characteristics of these patents. The price of these patents was correlated with their age, and a significant correlation was found. A price - age matrix was developed and we describe the price characteristics of patents using four quadrants of the matrix, namely young and old patents with low and high prices. We also found that patents owned by small firms get transacted more often and inventor owned patents attracted a better price than assignee owned patents.

Dynamics between patent latent variables and patent price

This paper focuses on studying the relationship between patent latent variables and patent price. From the existing literature, seven patent latent variables, namely age, generality, originality, foreign filings, technology field, forward citations, and backward citations were identified as having an influence on patent value. We used Ocean Tomo's patent auction price data in this study. We transformed the price and the predictor variables (excluding the dummy variables) to its logarithmic value. The OLS estimates revealed that forward citations and foreign filings were positively correlated to price. Both the variables jointly explained 14.79% of the variance in patent pricing. We did not find sufficient evidence to come up with any definite conclusions on the relationship between price and the variables such as age, technology field, generality, backward citations and originality. The Heckman two-stage sample selection model was used to test for selection bias. (C) 2011 Elsevier Ltd. All rights reserved.

A high precision instrument to measure angular and binocular deviation introduced by aircraft windscreens by using a shadow casting technique

Objects viewed through transparent sheets with residual non-parallelism and irregularity appear shifted and distorted. This distortion is measured in terms of angular and binocular deviation of an object viewed through the transparent sheet. The angular and binocular deviations introduced are particularly important in the context of aircraft windscreens and canopies as they can interfere with decision making of pilots especially while landing, leading to accidents. In this work, we have developed an instrument to measure both the angular and binocular deviations introduced by transparent sheets. This instrument is especially useful in the qualification of aircraft windscreens and canopies. It measures the deviation in the geometrical shadow cast by a periodic dot pattern trans-illuminated by the distorted light beam from the transparent test specimen compared to the reference pattern. Accurate quantification of the shift in the pattern is obtained by cross-correlating the reference shadow pattern with the specimen shadow pattern and measuring the location of the correlation peak. The developed instrument is handy to use and computes both angular and binocular deviation with an accuracy of less than +/- 0.1 mrad (approximate to 0.036 mrad) and has an excellent repeatability with an error of less than 2%. (C) 2012 American Institute of Physics. http://dx.doi.org/10.1063/1.4769756]

The dynamics between forward citations and price of singleton patents

In recent years, business practitioners are seen valuing patents on the basis of the market price that the patent can attract. Researchers have also looked into various patent latent variables and firm variables that influence the price of a patent. Forward citations of a patent are shown to play a role in determining price. Using patent auction price data (of Ocean Tomo now ICAP patent brokerage), we delve deeper into of the role of forward citations. The successfully sold 167 singleton patents form the sample of our study. We found that, it is mainly the right tail of the citation distribution that explains the high prices of the patents falling on the right tail of the price distribution. There is consistency in the literature on the positive correlation between patent prices and forward citations. In this paper, we go deeper to understand this linear relationship through case studies. Case studies of patents with high and low citations are described in this paper to understand why some patents attracted high prices. We look into the role of additional patent latent variables like age, technology discipline, class and breadth of the patent in influencing citations that a patent receives.

Efficient method of moving shadow detection and vehicle classification

Moving shadow detection and removal from the extracted foreground regions of video frames, aim to limit the risk of misconsideration of moving shadows as a part of moving objects. This operation thus enhances the rate of accuracy in detection and classification of moving objects. With a similar reasoning, the present paper proposes an efficient method for the discrimination of moving object and moving shadow regions in a video sequence, with no human intervention. Also, it requires less computational burden and works effectively under dynamic traffic road conditions on highways (with and without marking lines), street ways (with and without marking lines). Further, we have used scale-invariant feature transform-based features for the classification of moving vehicles (with and without shadow regions), which enhances the effectiveness of the proposed method. The potentiality of the method is tested with various data sets collected from different road traffic scenarios, and its superiority is compared with the existing methods. (C) 2013 Elsevier GmbH. All rights reserved.

In the elephant's seed shadow: the prospects of domestic bovids as replacement dispersers of three tropical Asian trees

As populations of the world's largest animal species decline, it is unclear how ecosystems will react to their local extirpation. Due to the unique ecological characteristics of megaherbivores such as elephants, seed dispersal is one ecosystem process that may be affected as populations of large animals are decimated. In typically disturbed South Asian ecosystems, domestic bovids (cattle, Bos primigenius, and buffalo, Bubalus bubalis) may often be the species most available to replace Asian elephants (Elephas maximus) as endozoochorous dispersers of large-fruited mammal-dispersed species. We use feeding trials, germination trials, and movement data from the tropical moist forests of Buxa Tiger Reserve (India) to examine whether domestic bovids are viable replacements for elephants in the dispersal of three largefruited species: Dillenia indica, Artocarpus chaplasha, and Careya arborea. We find that (1) once consumed, seeds are between 2.5 (C. arborea) and 26.5 (D. indica) times more likely to pass undigested into elephant dung than domestic bovid dung; and (2) seeds from elephant dung germinated as well as or better than seeds taken from bovid dung for all plant species, with D. indica seeds from elephant dung 1.5 times more likely to germinate. Furthermore, since wild elephants have less constrained movements than even free-roaming domestic bovids, we calculate that maximum dispersal by elephants is between 9.5 and 11.2 times farther than that of domestic bovids, with about 20% of elephant-dispersed seeds being moved farther than the maximum distance seeds are moved by bovids. Our findings suggest that, while bovids are able to disperse substantial numbers of seeds over moderate distances for two of the three study species, domestic bovids will be unable to routinely emulate the reliable, long-distance dispersal of seeds executed by elephants in this tropical moist forest. Thus while domestic bovids can attenuate the effects of losing elephants as dispersers, they may not be able to prevent the decline of various mammal-dispersed fruiting species in the face of overhunting, habitat fragmentation, and climate change.