Joint Pricing and Inventory Control under Reference Price Effects
In this work, we address the problem of simultaneously determining a pricing and inventory replenishment strategy under reference price effects. This reference price effect models the fact that consumers not only react sensitively to the current price, but also to deviations from a reference price f...
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| 第一著者: | |
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| フォーマット: | 電子媒体 図書の章 |
| 言語: | 英語 |
| 出版事項: |
Bern
Peter Lang International Academic Publishing Group
2018
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| シリーズ: | Forschungsergebnisse der Wirtschaftsuniversitaet Wien
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| 主題: | |
| オンライン･アクセス: | DOAB: download the publication DOAB: description of the publication |
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| 要約: | In this work, we address the problem of simultaneously determining a pricing and inventory replenishment strategy under reference price effects. This reference price effect models the fact that consumers not only react sensitively to the current price, but also to deviations from a reference price formed on the basis of past purchases. Immediate effects of price reductions on profits have to be weighted against the resulting losses in future periods. By providing an analytical analysis and numerical simulations we study how the additional dynamics of the consumers' willingness to pay affect an optimal pricing and inventory control model and whether a simple policy such as a base-stock-list-price policy holds in such a setting. |
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| 物理的記述: | 1 electronic resource (124 p.) |
| ISBN: | b13901 9783631753804 |
| アクセス: | Open Access |