1003169.pdf
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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Peter Lang International Academic Publishers
2019
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oapen-20.500.12657-268742022-04-26T12:36:41Z Joint Pricing and Inventory Control under Reference Price Effects Gimpl-Heersink, Lisa Analytical Analysis Control Dynamic Programming Effects Gimpl Heersink Integrated Pricing and Inventory Models Inventory Joint Price Pricing Reference Stochastic Demand Models under bic Book Industry Communication::K Economics, finance, business & management::KJ Business & management::KJM Management & management techniques::KJMV Management of specific areas::KJMV5 Production & quality control management bic Book Industry Communication::K Economics, finance, business & management::KJ Business & management::KJM Management & management techniques::KJMV Management of specific areas::KJMV8 Purchasing & supply management 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. 2019-01-10 23:55 2018-12-01 23:55:55 2020-01-14 16:17:45 2020-04-01T11:28:36Z 2020-04-01T11:28:36Z 2018 book 1003169 OCN: 1082958741 9783631753804 http://library.oapen.org/handle/20.500.12657/26874 eng Forschungsergebnisse der Wirtschaftsuniversitaet Wien application/pdf n/a 1003169.pdf Peter Lang International Academic Publishers 10.3726/b13901 10.3726/b13901 e927e604-2954-4bf6-826b-d5ecb47c6555 9783631753804 33 124 Bern open access |
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English |
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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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Peter Lang International Academic Publishers |
| publishDate |
2019 |
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1771297586836144128 |
