Dynamic Pricing With Reference Price Dependence
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Dynamic Pricing With Reference Price Dependence
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Author : Régis Chenavaz
language : en
Publisher:
Release Date : 2016
Dynamic Pricing With Reference Price Dependence written by Régis Chenavaz 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.
Behavioral Consequences Of Dynamic Pricing
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Author : David Prakash
language : en
Publisher: BoD – Books on Demand
Release Date : 2022-08-19
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 2022-08-19 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
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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.
Dynamic Pricing With Demand Learning And Reference Effects
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Author : Arnoud den Boer
language : en
Publisher:
Release Date : 2020
Dynamic Pricing With Demand Learning And Reference Effects written by Arnoud den Boer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
We consider a seller's dynamic pricing problem with demand learning and reference effects. We first study the case where customers are loss-averse: they have a reference price that can vary over time, and the demand reduction when the selling price exceeds the reference price dominates the demand increase when the selling price falls behind the reference price by the same amount. Thus, the expected demand as a function of price has a time-varying "kink" and is not differentiable everywhere. The seller neither knows the underlying demand function nor observes the time-varying reference prices. In this setting, we design and analyze a policy that (i) changes the selling price very slowly to control the evolution of the reference price, and (ii) gradually accumulates sales data to balance the tradeoff between learning and earning. We prove that, under a variety of reference-price updating mechanisms, our policy is asymptotically optimal; i.e., its T-period revenue loss relative to a clairvoyant who knows the demand function and the reference-price updating mechanism grows at the smallest possible rate in T. We also extend our analysis to the case of a fixed reference price, and show how reference effects increase the complexity of dynamic pricing with demand learning in this case. Moreover, we study the case where customers are gain-seeking and design asymptotically optimal policies for this case. Finally, we design and analyze an asymptotically optimal statistical test for detecting whether customers are loss-averse or gain-seeking.
Supermodularity And Complementarity
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Author : Donald M. Topkis
language : en
Publisher: Princeton University Press
Release Date : 2011-02-11
Supermodularity And Complementarity written by Donald M. Topkis and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-02-11 with Business & Economics categories.
The economics literature is replete with examples of monotone comparative statics; that is, scenarios where optimal decisions or equilibria in a parameterized collection of models vary monotonically with the parameter. Most of these examples are manifestations of complementarity, with a common explicit or implicit theoretical basis in properties of a super-modular function on a lattice. Supermodular functions yield a characterization for complementarity and extend the notion of complementarity to a general setting that is a natural mathematical context for studying complementarity and monotone comparative statics. Concepts and results related to supermodularity and monotone comparative statics constitute a new and important formal step in the long line of economics literature on complementarity. This monograph links complementarity to powerful concepts and results involving supermodular functions on lattices and focuses on analyses and issues related to monotone comparative statics. Don Topkis, who is known for his seminal contributions to this area, here presents a self-contained and up-to-date view of this field, including many new results, to scholars interested in economic theory and its applications as well as to those in related disciplines. The emphasis is on methodology. The book systematically develops a comprehensive, integrated theory pertaining to supermodularity, complementarity, and monotone comparative statics. It then applies that theory in the analysis of many diverse economic models formulated as decision problems, noncooperative games, and cooperative games.
Essays On Robust Optimization Integrated Inventory And Pricing And Reference Price Effect
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Author : Yuhan Zhang
language : en
Publisher:
Release Date : 2010
Essays On Robust Optimization Integrated Inventory And Pricing And Reference Price Effect written by Yuhan Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
This dissertation consists of two distinct lines of research e orts. Chapter 2 proposes a general methodology to seek robust solution to multi-stage stochastic optimization problems. Chapters 3, 4 and 5 all deal with models that arise from inventory management and dynamic pricing. Chapter 2 introduces the Extended Affinely Adjustable Robust Counterpart(EAARC). We first propose the general steps of extending affine decision rules via re-parameterizing the uncertainty set, then propose the example of splitting-based EAARC. We show that this approach extends the versatility of affine decision rules beyond what has been proposed by Ben-Tal et al. while retaining tractability. Chapter 3 looks at the classical joint inventory-and-pricing model (single product periodic-review) with concave ordering cost. Concave cost structures may often occur in settings with multiple sources of supply. For this model, assuming additive demand uncertainty, we show that a generalized (s; S; p) policy is optimal under certain conditions imposed on the distribution of the random perturbation. Chapter 4 and 5 focus on the reference price effect in which the price impact on demand is no longer instantaneous, but history-dependent. Chapter 4 analyzes a joint inventory-and-pricing model with reference price e ffect. We prove that a reference price dependent base-stock policy is optimal even though the single period expected pro t may not be concave. In the in finite horizon case, we further show that in the optimal trajectory, reference price converges to a steady state and provide a characterization. Chapter 5 represents some initial e orts in modeling heterogeneity in the consumer group, in which we study a continuous-time dynamic pricing problem under stochastic reference price e ffect. Stochastic optimal control theory is applied to the problem to derive an explicit solution. Various comparative statics are then conducted to benchmark our model against a few simpli ed models.
Dynamic Pricing With Reference Price Effects
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Author :
language : en
Publisher:
Release Date : 2015
Dynamic Pricing With Reference Price Effects written by 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.
Consumer Driven Demand And Operations Management Models
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Author : Serguei Netessine
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-06-02
Consumer Driven Demand And Operations Management Models written by Serguei Netessine and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-02 with Business & Economics categories.
This important book is by top scholars in supply chain management, revenue management, and e-commerce, all of which are grounded in information technologies and consumer demand research. The book looks at new selling techniques designed to reach the consumer.
Intertemporal Price Discrimination Via Reference Price Effects
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Author : Zizhuo Wang
language : en
Publisher:
Release Date : 2015
Intertemporal Price Discrimination Via Reference Price Effects written by Zizhuo Wang 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 consider the dynamic pricing problem a monopolistic seller faces when customers arrive in heterogeneous time periods and their purchase decisions are affected by reference prices formed from their past purchase experiences. We illustrate that a new form of price discrimination opportunity exists in such situations, where the seller's optimal pricing strategy is a cyclic one, even when the customers are loss-neutral and their demand functions are identical. This result differs from those in prior studies where the optimal price paths are shown to be asymptotically constant when customer arrival times are homogeneous or when there are no reference price effects, thus is unique due to the interaction between the heterogeneous arrivals and the reference price effects. We also provide the length of the cycle when the demand function is linear. In this era where customer information becomes easier accessible, our results suggest the seller consider this new dimension of price discrimination in conjunction with the old ones, in order to take advantage of the full power of customer data.
Revenue Management And Pricing Analytics
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Author : Guillermo Gallego
language : en
Publisher: Springer
Release Date : 2019-08-14
Revenue Management And Pricing Analytics written by Guillermo Gallego and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-14 with Business & Economics categories.
“There is no strategic investment that has a higher return than investing in good pricing, and the text by Gallego and Topaloghu provides the best technical treatment of pricing strategy and tactics available.” Preston McAfee, the J. Stanley Johnson Professor, California Institute of Technology and Chief Economist and Corp VP, Microsoft. “The book by Gallego and Topaloglu provides a fresh, up-to-date and in depth treatment of revenue management and pricing. It fills an important gap as it covers not only traditional revenue management topics also new and important topics such as revenue management under customer choice as well as pricing under competition and online learning. The book can be used for different audiences that range from advanced undergraduate students to masters and PhD students. It provides an in-depth treatment covering recent state of the art topics in an interesting and innovative way. I highly recommend it." Professor Georgia Perakis, the William F. Pounds Professor of Operations Research and Operations Management at the Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts. “This book is an important and timely addition to the pricing analytics literature by two authors who have made major contributions to the field. It covers traditional revenue management as well as assortment optimization and dynamic pricing. The comprehensive treatment of choice models in each application is particularly welcome. It is mathematically rigorous but accessible to students at the advanced undergraduate or graduate levels with a rich set of exercises at the end of each chapter. This book is highly recommended for Masters or PhD level courses on the topic and is a necessity for researchers with an interest in the field.” Robert L. Phillips, Director of Pricing Research at Amazon “At last, a serious and comprehensive treatment of modern revenue management and assortment optimization integrated with choice modeling. In this book, Gallego and Topaloglu provide the underlying model derivations together with a wide range of applications and examples; all of these facets will better equip students for handling real-world problems. For mathematically inclined researchers and practitioners, it will doubtless prove to be thought-provoking and an invaluable reference.” Richard Ratliff, Research Scientist at Sabre “This book, written by two of the leading researchers in the area, brings together in one place most of the recent research on revenue management and pricing analytics. New industries (ride sharing, cloud computing, restaurants) and new developments in the airline and hotel industries make this book very timely and relevant, and will serve as a critical reference for researchers.” Professor Kalyan Talluri, the Munjal Chair in Global Business and Operations, Imperial College, London, UK.