Optimal Incentive-Compatible Priority Pricing for the M/M/1 Queue

doi:10.1287/opre.38.5.870

Optimal Incentive-Compatible Priority Pricing for the M/M/1 Queue

1990-10-01

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DOI：10.1287/opre.38.5.870

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Consider a system that is modeled as an M/M/1 queueing system with multiple user classes. Each class is characterized by its delay cost per unit of time, its expected service time and its demand function. This paper derives a pricing mechanism which is optimal and incentive-compatible in the sense that the arrival rates and execution priorities jointly maximize the expected net value of the system while being determined, on a decentralized basis, by individual users. A closed-form expression for the resulting price structure is presented and studied.

Optimal Incentive-Compatible Priority Pricing for the M/M/1 Queue

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