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The Power of Menus in Dynamic Pricing: Near Optimal Regret and Equivalence Results
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Studies dynamic pricing against a non-myopic strategic buyer with a fixed valuation, showing menu mechanisms achieve near-optimal regret of O(T_γ log T_γ) and establishing equivalence results with posted-price mechanisms.
Problem
Dynamic pricing with a strategic, non-myopic buyer who has a fixed private valuation and discounts future utility; prior work only considered posted-price mechanisms.
Approach
Extends the seller's mechanism class from posted prices to menu mechanisms (allocation-payment menus) and shows these achieve O(T_γ log T_γ) regret, where T_γ is the effective horizon induced by the discount factor, along with equivalence results relating menus and posted prices.
Key results
- Menu mechanisms consisting of allocation-payment pairs achieve O(T_γ log T_γ) regret, where T_γ is the effective horizon determined by the discount factor.
Experimental setup
Metrics: regret
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