Behavioral Consequences Of Dynamic Pricing
DOWNLOAD
Download Behavioral Consequences Of Dynamic Pricing PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Behavioral Consequences Of Dynamic Pricing book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Behavioral Consequences Of Dynamic Pricing
DOWNLOAD
Author : David Prakash
language : en
Publisher: BoD – Books on Demand
Release Date : 2022-07-28
Behavioral Consequences Of Dynamic Pricing written by David Prakash and has been published by BoD – Books on Demand this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-07-28 with Business & Economics categories.
Digital technologies are driving the application of dynamic pricing. Today, this pricing strategy is used not only for perishable products such as flights or hotel rooms, but for almost any product or service category. With dynamic pricing, retailers frequently adjust their prices over time to respond to factors such as demand, their supply and that of competitors, or the time of sale. Additionally, dynamic pricing allows retailers to take advantage of a large share of consumers' willingness to pay while avoiding losses from unsold products. Ultimately, this can lead to an increase in revenue and profit. However, the application of dynamic pricing comes with great challenges. In addition to the technological implementation, companies have to take into account that dynamic pricing can cause complex and unintended behavioral consequences on the consumer side. The key objective of this dissertation is to provide a deeper understanding of the impact of dynamic pricing on consumer behavior. To this end, this dissertation presents insights from four perspectives. First, how reference prices as a critical component in purchase decisions are operationalized. Second, how customers search for products priced dynamically, differentiated by business and private customers, as well as by different devices used for the search. Third, whether and how dynamic pricing influences the impact of internal reference prices on purchase decisions. Finally, this dissertation demonstrates that consumers perceive price changes as personalized in different purchase contexts, leading to reduced perceptions of fairness and undesirable behavioral consequences.
Dynamic Pricing In The Presence Of Social Externalities And Reference Price Effect
DOWNLOAD
Author : Jafar Chaab
language : en
Publisher:
Release Date : 2022
Dynamic Pricing In The Presence Of Social Externalities And Reference Price Effect written by Jafar Chaab and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022 with categories.
Retailer Dynamic Pricing And Pass Through Behavior
DOWNLOAD
Author : Yun Jeong Choi
language : en
Publisher:
Release Date : 2003
Retailer Dynamic Pricing And Pass Through Behavior written by Yun Jeong Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
The Impact Of Perceived Price Fairness Of Dynamic Pricing On Customer Satisfaction And Behavioral Intentions
DOWNLOAD
Author : Bo Dai
language : en
Publisher:
Release Date : 2010
The Impact Of Perceived Price Fairness Of Dynamic Pricing On Customer Satisfaction And Behavioral Intentions written by Bo Dai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Consumer behavior categories.
Pricing Of Products Services
DOWNLOAD
Author : Tridib Mazumbar
language : en
Publisher: World Scientific
Release Date : 2020-12-15
Pricing Of Products Services written by Tridib Mazumbar and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-15 with Business & Economics categories.
The price of a product or a service is a critical element of the marketing mix. Price influences product demand, and the firm's revenue and profits. Prices also signal product quality and value, customer self-image, and the seller's pricing practices. With appropriate balance of theory, applications, and analytics, this book provides business students and practitioners the tools to make profitable pricing decisions under a variety of real-life contexts — current and emerging.Theoretical foundations for pricing decisions come from microeconomics, psychology, and behavioral decision theories. Well-established economic principles, with available data and analytics, help firms customize prices based on customers' willingness to pay, quantity purchased, timing and urgency of purchase, and by bundling their products and services. Pricing and promotional strategies of firms are further informed by the consideration of consumer psychology as well as the decision rules that consumers employ in framing of and responding to prices.As a practical step-by-step guide for firms, the book presents a comprehensive framework for pricing decisions. The framework illustrates how firms' pricing decisions are shaped by customer valuation of the product or service, firm cost, and competition within the category. Additional considerations include: channel arrangements, legal and regulatory limits, public sentiments, and the overriding strategy for the firm. Short cases and numerical examples help illustrate how these factors can be incorporated in firm making decisions.In addition to offering the theoretical foundation and practical guidelines for pricing, there are several distinctive features of the book.Pedagogically, the book takes a quantitative approach to pricing decisions and places a special emphasis on the utilization of data and analytics. Nevertheless, sound intuition and judgments remain a prerequisite.
Dynamic Pricing In The Presence Of Strategic Consumers
DOWNLOAD
Author : Mirko Kremer
language : en
Publisher:
Release Date : 2015
Dynamic Pricing In The Presence Of Strategic Consumers written by Mirko Kremer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We investigate the impact of strategic consumer behavior on retailers' dynamic pricing decisions. We present a stylized two-period model, and test the equilibrium predictions in a set of behavioral experiments in which human subjects played the role of pricing managers. Our main insight is that relative to equilibrium predictions, subjects underprice in the main selling season. Consequently, they sell more inventory and obtain higher revenue in that season. However, by doing so they significantly limit their ability to generate revenue in the markdown season, which, in the presence of strategic consumers is a major source of revenue.
Pricing Perspectives
DOWNLOAD
Author : Florian Siems
language : en
Publisher: Springer
Release Date : 2008-11-03
Pricing Perspectives written by Florian Siems and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-11-03 with Business & Economics categories.
The world of pricing has been changing at a fast pace. There has been a development of new dynamic pricing strategies, an explosion of new pricing tactics, and a focus on smarter buyers. This book focuses on those developments and highlights new perspectives for pricing strategies.
Study Of Customer Behavior In A Revenue Management Setting Using Data Driven Approaches
DOWNLOAD
Author : Sareh Nabi-Abdolyousefi
language : en
Publisher:
Release Date : 2018
Study Of Customer Behavior In A Revenue Management Setting Using Data Driven Approaches written by Sareh Nabi-Abdolyousefi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The objective of this study is to propose novel dynamic pricing mechanisms in the presence of strategic customers using data-driven approaches. Dynamic pricing is the latest trend in pricing strategies and allows optimal response to real-time demand and supply information. Firms often face uncertainties when making pricing decisions. One of the uncertainties often involved is unknown demand. Therefore, businesses seek to optimize revenue while learning demand and reducing the uncertainty involved in setting prices. Understanding consumer decision-making is another crucial aspect of pricing in revenue management. One of the detrimental effects of dynamic pricing is that it invokes a type of behavior in customers that is referred to as forward-looking, or strategic, in revenue management literature. The strategic customer considers future price decreases, and purchases the product if his or her discounted surplus is higher than the immediate surplus. In chapters 1 and 2, we study a retailer who is pricing dynamically to maximize his expected cumulative revenue. We assume that the retailer has no information regarding expected demand nor the type of customers he is facing, whether they are myopic or strategic in their shopping behavior. In the problem of dynamic pricing under demand uncertainty, we face an inherent trade-off between the exploration involved in learning demand and the exploitation which occurs due to revenue maximization. One way of modeling this trade-off is using the multi-arm bandit modeling approach. Many algorithms have been proposed to solve stochastic multi-arm bandit problems. Our focus is on the Thompson Sampling (TS) algorithm which takes a Bayesian approach and was introduced by William R. Thompson. We propose a pricing mechanism called Strategic Thompson Sampling algorithm which is built upon the TS algorithm. Our main contribution in these two chapters is to merge the literature on strategic behavior with the literature on dynamic pricing and demand learning based on the classical multi-arm bandit modeling approach. In these chapters, the retailer is applying our proposed Strategic Thompson Sampling algorithm to learn expected demand in an exploration-versus-exploitation fashion. We start our analysis with a Bernoulli demand scenario in chapter 1 and extend our work to a Normal demand scenario in chapter 2. For both Bernoulli and Normal demand scenarios, we demonstrate numerically that the retailer's long run price offer decreases as the patience level of the strategic customer increases. We further show that the retailer can be better off in terms of his expected cumulative revenue when facing strategic customers. One potential explanation for this observation is the retailer's lower exploration of non-optimal arms in the presence of strategic customers rather than myopic ones. Our intuition is analytically and numerically confirmed for both Bernoulli and Normal demand scenarios. We further provide and compare expected regret bounds on the retailer's expected cumulative revenue for both types of customers. We conclude that the retailer's regret is lower when facing strategic customers as compared to myopic ones. Our objective in chapter 3 is to improve our starting point by building an informative prior and more specifically, an empirical Bayes prior for the Bayesian online learning algorithm that performs binary prediction. The underlying model used in this chapter is a Bayesian Linear Probit (BLIP) model which performs binary classification on a public data set called "Census Income Data Set". Our goal is to build an informative prior using a portion of the training data set and start the BLIP model with the built-in prior rather than the non-informative standard Normal distributions. We further compare the prediction accuracies of the BLIP model with informative and non-informative priors. An empirical Bayes model (Blip with empirical Bayes prior) has been implemented recently in the production system of one of the largest online retailers. The web-lab experiment is currently running.
Effects Of Pricing Strategies On Dynamic Repertoires Of Activity Travel Behaviour
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 2016
Effects Of Pricing Strategies On Dynamic Repertoires Of Activity Travel Behaviour written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Purpose Driven Pricing
DOWNLOAD
Author : Saloni Firasta-Vastani
language : en
Publisher: Taylor & Francis
Release Date : 2024-07-29
Purpose Driven Pricing written by Saloni Firasta-Vastani and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-07-29 with Business & Economics categories.
Pricing is frequently used as a key strategic lever for management to increase profitability. However, price can also be used as a lever for societal good. This book demonstrates how effective use of price can have positive societal impacts, such as helping to reduce carbon emissions, accelerating the adoption of eco-friendly products, and improving people’s health outcomes and quality of life. This book, written by two leading thinkers on pricing strategy and practice, makes the important link between the ideals of purpose in organizations and the crucial tools of how to implement change using one of the fundamental levers at the disposal of the organization. It introduces the concept of leveraging the power of pricing for both profit and societal good and then clearly explains how it can be done. Price can be used to manage demand, incentivize consumer behavior, and influence change. The impact can be effective and quick, and it is not far-fetched to say that pro-social pricing can be utilized to preserve the environment, educate citizens, promote arts, alleviate poverty, and improve health. The book outlines how corporations, governments, civil society organizations, and collaborators can use pricing power to manage the adoption of products and services across B2B and B2C. Pricing strategies include innovating, unbundling, unpackaging, collaborating, implementing new monetization models, and applying learnings from behavioral pricing. Executives of corporate and business strategy and those dealing with brand portfolios, sustainability, social and health equity will find profound insights in this book. It will also be valuable in executive training and for graduate students.