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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Yazar: Gimpl-Heersink, Lisa (auth)
Materyal Türü: Elektronik Kitap Bölümü
Dil:İngilizce
Baskı/Yayın Bilgisi: Bern Peter Lang International Academic Publishers 2018
Seri Bilgileri:Forschungsergebnisse der Wirtschaftsuniversitaet Wien 33
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Online Erişim:OAPEN Library: download the publication
OAPEN Library: description of the publication
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Özet: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.
Fiziksel Özellikler:1 electronic resource (124 p.)
ISBN:b13901
9783631753804
Erişim:Open Access