Essays On Dynamic Pricing
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Essays On Dynamic Pricing
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Author : Koray Cosguner
language : en
Publisher:
Release Date : 2013
Essays On Dynamic Pricing written by Koray Cosguner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Essays In Dynamic Pricing Of Multiple Substitutable Products
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Author : Sajjad Najafi
language : en
Publisher:
Release Date : 2016
Essays In Dynamic Pricing Of Multiple Substitutable Products written by Sajjad Najafi 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.
I study the dynamic pricing problem of a firm selling limited inventory of multiple differentiated products over a finite planning horizon, where the firm wishes to maximize the expected revenue. I formulate the firm's optimization problem as a Markov decision process and investigate the pricing problem in the presence of a variety of operational settings. First, I integrate consumer's sequential search behavior into the pricing problem. The consumer inspects products one at a time by incurring non-zero search cost, and makes decision by comparing the utility of the best product so far versus the reservation utility, a threshold at which the consumer is indifferent between continuation and stopping of the sequential search. The firm aims at maximizing the expected revenue by offering the products in the right sequence and at the right prices. I analytically derive the optimal prices in each period. I show that under some condition it is optimal to present products in the descending order of quality. Second, I address a problem in which the firm is subject to a set of sales volume constraints required to be satisfied at different time points along the sales horizon. Due to stochastic nature of sales, I incorporate a risk measure that allows the firm to manage the total sales while the expected revenue is maximized. I formulate the problem as a chance-constrained dynamic programming and show that the Karush-Kuhn-Tucker conditions are not only necessary but also sufficient for the optimal price. Third, I assimilate consumer's consideration sets to the dynamic pricing problem. When to make a purchase decision, consumers use a two-stage decision-making process, i.e., consumers constitute a consideration set including a subset of the available products using a screening rule (e.g., brands, quality, and budget), and they only evaluate the products in the consideration set using a utility comparison process and opt for the product with the maximum utility. I show that the first-order condition is sufficient for the optimal price of products if consumers apply a quality-based screening rule.
Essays On Dynamic Pricing With Nuances Of Consumer Behavior And Social Influcences
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Author : Jafar Chaab
language : en
Publisher:
Release Date : 2023
Essays On Dynamic Pricing With Nuances Of Consumer Behavior And Social Influcences 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 2023 with categories.
Essays On Price Dispersion And Dynamic Pricing
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Author : Ching-jen Sun
language : en
Publisher:
Release Date : 2008
Essays On Price Dispersion And Dynamic Pricing written by Ching-jen Sun and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Prices categories.
Abstract: This dissertation develops three essays on dynamic pricing to investigate two important topics in industrial organization: price dispersion and price discrimination. The first essay considers a stylized model of dynamic price competition in which each seller sells one unit of a homogeneous commodity by posting prices in every period to maximize the expected profits with discounting. A random number of buyers come to the market in each period. Each buyer demands at most one unit of the good, and they all have a common reservation price. They know all prices posted by all firms in the market; hence search is costless. I show that when there is a positive probability of excess demand, the model has a unique (symmetric) mixed-strategy equilibrium. In this equilibrium, each seller posts a price in every period according to a non-degenerate distribution, which is determined by the number of sellers remaining in the market in that period. Sellers play mixed strategies as they are indifferent between selling sooner at a lower price and waiting to sell at a higher price later. Thus, price dispersion not only exists in every period among firms, but also persists over time. In the second essay, I consider a monopolist who can sell vertically differentiated products over two periods to heterogeneous consumers. Consumers each demand one unit of the product in each period. In the second period, consumers are sorted into different segments according to their first-period choice, and the monopolist can offer different menus of contracts to different segments. In this way, the monopolist can price discriminate consumers not only by product quality, but also by purchase history. I fully characterize the monopolist's optimal pricing strategy when the type space is discrete and a simple condition is given to determine whether the monopolist should price discriminate consumers by product quality in the first period. When the consumers' type space is a continuum, I show that there is no fully separating equilibrium, and some properties of the optimal menu of contracts (price-quality pairs) are characterized within the class of partition PBE (Perfect Bayesian Equilibrium). The monopolist will offer only one quality in the first period when the social surplus function is log submodular or the firm and consumers are patient. If it is optimal for the firm to offer only one quality in the first period, the optimal market coverage in the first period is smaller than that in the static model. Furthermore, in equilibrium there are some high-type consumers choosing to downgrade the product in the second period, a phenomenon that has never been addressed in the literature. In the second essay, when the consumers' type space is a continuum, the analysis of the optimal menu of contracts is restricted within the class of partition PBE. The third essay provides a justification for this qualification. I ask whether an optimal menu of contracts can induce a non-partition continuation equilibrium by scrutinizing the example constructed by Laffont and Tirole (1988). They construct a non-partition continuation equilibrium for a given first-period menu of incentive contracts and conjecture that this continuation equilibrium need not be suboptimal for the whole game under small uncertainty. I construct two first-period incentive schemes leading to a partition continuation equilibrium and show that, regardless of the extent of uncertainty, their non-partition continuation equilibrium generates a smaller payoff than one of two partition continuation equilibria for the principal. In this sense, Laffont and Tirole's menu of contracts, giving rise to a non-partition continuation equilibrium, is not optimal. I provide an intuition behind this result, hoping to shed light on the problem of dynamic contracting without commitment.
Three Essays On Dynamic Pricing And Resource Allocation
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Author : Cavdaroglu Nur
language : en
Publisher:
Release Date : 2012
Three Essays On Dynamic Pricing And Resource Allocation written by Cavdaroglu Nur and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
We review the dynamic programming formulation of the negotiation problem, and propose a simple and tractable deterministic "fluid" analogue for this problem. The main emphasis of the chapter is in expanding the formulation to the dynamic setting where both the buyer and seller have limited prior information on their counterparty valuation and their negotiation skill. In Chapter 4, we consider the revenue maximization problem of a seller who operates in a market where there are two types of customers; namely the "investors" and "regular-buyers". In a two-period setting, we model and solve the pricing game between the seller and the investors in the latter period, and based on the solution of this game, we analyze the revenue maximization problem of the seller in the former period. Moreover, we study the effects on the total system profits when the seller and the investors cooperate through a contracting mechanism rather than competing with each other; and explore the contracting opportunities that lead to higher profits for both agents.
Essays On Pricing In E Commerce
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Author : Kursad Asdemir
language : en
Publisher:
Release Date : 2004
Essays On Pricing In E Commerce written by Kursad Asdemir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Electronic commerce categories.
Six Essays On Stochastic And Deterministic Dynamic Pricing And Advertising Models
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Author : Rainer Schlosser
language : en
Publisher:
Release Date : 2014
Six Essays On Stochastic And Deterministic Dynamic Pricing And Advertising Models written by Rainer Schlosser and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Essays On Supply Contracts And Dynamic Pricing
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Author : Dengfeng Zhang
language : en
Publisher:
Release Date : 2008
Essays On Supply Contracts And Dynamic Pricing written by Dengfeng Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Business logistics categories.
The amount a consumer is willing to pay for a product/service, from the perspective of consumer behavior. This work will unveil the underlying dynamics and relationships between reservation price and customer feedback rating of seller product/service quality which sellers can use to set product prices and maximize revenues.
Three Essays On Dynamic Models With Applications In Marketing And Finance
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Author : Shantanu Mullick
language : en
Publisher:
Release Date : 2016
Three Essays On Dynamic Models With Applications In Marketing And Finance written by Shantanu Mullick 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.
This dissertation consists of three chapters that present three standalone essays on the application of dynamic models to marketing and finance. The first essay uses a structural approach to dynamic models to study the role of income on the impact of fat taxes. The second and third essays use a reduced form approach to dynamic models: we use dynamic hierarchical models which incorporate a Hierarchical Bayesian framework in a Dynamic Linear Model. The second essay studies the dynamic pricing of seasonal goods with the help of a flexible dynamic hierarchical model. The third essay studies the cost of trade finance during the financial crisis of 2008-2009 using a dynamic hierarchical model. In the first essay, we use a dynamic structural model to investigate how income interacts with the impact of a “fat tax” (a tax on snack food). We find that the low-income group is less impacted by a “fat tax” compared to the higher income group as they have a higher tendency to consume snack food. In the second essay, we develop a flexible dynamic hierarchical model to estimate the trajectory of price sensitivities which allows us to infer the dynamic prices of seasonal goods. We find that optimal prices depend on the customer composition of the store, and seasonal goods retailers can take advantage of this while setting prices. In the third essay, using a dynamic hierarchical model we examine the impact of four macroeconomic indicators on trade finance costs in and around the financial crisis of 2008-2009. We find the impact of three of these macroeconomic factors (GDP growth, trade and inflation) on trade finance to be in line with the theory, while the impact of the fourth factor (stock market capitalization) on trade finance appears somewhat surprising.
Two Essays On Dynamic Optimal Pricing
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Author : Gong Lee
language : en
Publisher:
Release Date : 2019
Two Essays On Dynamic Optimal Pricing written by Gong Lee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Economics categories.
In the second chapter, I consider the static model in hotel market to see whether it is possible to identify consumer preferences and arrivals when assumptions a) optimality, and b) equilibrium are relaxed. We establish the global, non-parametric identification of preferences and consumer arrival probabilities in a simplified static setting but show via examples that the identification of unobserved types of consumers is very challenging, in contrast to the more optimistic conclusions from theoretical analyses that prove that the random coefficient logit model (which is a component of our overall model of demand) is non-parametrically identifeed.