Artificial Intelligence and Dynamic Pricing: A Systematic Literature Review

Abstract

With dynamic pricing becoming more widespread across various industries, artificial intelligence has made it even more sophisticated and widespread. The authors conducted a systematic literature review and analyzed a dataset of 95 peer-reviewed articles from international journals selected in Web of Science and Scopus to better understand artificial intelligence’s impact on dynamic pricing. The authors identified four clusters related to financial modeling, market dynamics, commodity markets, and behavior and decision-making. They also found that China has overtaken the USA in the number of published articles. They identified the themes of market simulation investment, crude oil commodity dependence, and behavior traders’ prices. A systematic literature review is essential to understand the impact of artificial intelligence on dynamic pricing and its implications for businesses, consumers, and society.