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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| Автор: | |
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| Формат: | Електронний ресурс Частина з книги |
| Мова: | Англійська |
| Опубліковано: |
Bern
Peter Lang International Academic Publishers
2018
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| Серія: | Forschungsergebnisse der Wirtschaftsuniversitaet Wien
33 |
| Предмети: | |
| Онлайн доступ: | OAPEN Library: download the publication OAPEN Library: description of the publication |
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| Резюме: | 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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| Фізичний опис: | 1 electronic resource (124 p.) |
| ISBN: | b13901 9783631753804 |
| Доступ: | Open Access |