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A Two-Step Markdown Pricing Model wi...

Huang, Cheng.

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A Two-Step Markdown Pricing Model with the Presence of Multi-class Strategic Customers and an Extra Reservation Channel.

Record Type:	Electronic resources : Monograph/item
Title/Author:	A Two-Step Markdown Pricing Model with the Presence of Multi-class Strategic Customers and an Extra Reservation Channel./
Author:	Huang, Cheng.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2018,
Description:	77 p.
Notes:	Source: Dissertation Abstracts International, Volume: 79-12(E), Section: B.
Contained By:	Dissertation Abstracts International79-12B(E).
Subject:	Operations research. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10816789
ISBN:	9780438209435

A Two-Step Markdown Pricing Model with the Presence of Multi-class Strategic Customers and an Extra Reservation Channel.
Huang, Cheng.

A Two-Step Markdown Pricing Model with the Presence of Multi-class Strategic Customers and an Extra Reservation Channel. - Ann Arbor : ProQuest Dissertations & Theses, 2018 - 77 p.

Source: Dissertation Abstracts International, Volume: 79-12(E), Section: B.

Thesis (Ph.D.)--State University of New York at Stony Brook, 2018.

Pricing strategies have long been the most interesting and important problems to study in the business and industries world. A pricing problem can generally be described as follows: given an initial inventory of product and a finite time horizon over which to sell these product, the goal is to determine the prices over time so that the utility function of the seller is maximized. Obviously, setting the prices too high may drive away potential customers, leading to low revenue and high inventory cost; whereas setting the prices too low may result in slim margin. Thus, in order to maximize the utility of the seller, it is imperative to employ a pricing strategy that scientifically determines the prices of product at each different time based on the information of the market and the seller. Due to the discrepancies among industries, different companies usually choose different pricing strategies. Some companies, such as airlines and hotels, often change their prices dynamically in order to meet the fast varying demands of the market. On the other hand, since a frequent price change may incur high expenses, other companies prefer relatively less dynamic pricing strategies. For example, supermarkets and wholesale companies often divide the entire selling season into multiple periods. Prices remain fixed within each period but are subject to changes across different periods.

ISBN: 9780438209435Subjects--Topical Terms:

547123
Operations research.

A Two-Step Markdown Pricing Model with the Presence of Multi-class Strategic Customers and an Extra Reservation Channel.
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245 1 2 $a A Two-Step Markdown Pricing Model with the Presence of Multi-class Strategic Customers and an Extra Reservation Channel.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2018
300 $a 77 p.
500 $a Source: Dissertation Abstracts International, Volume: 79-12(E), Section: B.
500 $a Adviser: Jiaqiao Hu.
502 $a Thesis (Ph.D.)--State University of New York at Stony Brook, 2018.
520 $a Pricing strategies have long been the most interesting and important problems to study in the business and industries world. A pricing problem can generally be described as follows: given an initial inventory of product and a finite time horizon over which to sell these product, the goal is to determine the prices over time so that the utility function of the seller is maximized. Obviously, setting the prices too high may drive away potential customers, leading to low revenue and high inventory cost; whereas setting the prices too low may result in slim margin. Thus, in order to maximize the utility of the seller, it is imperative to employ a pricing strategy that scientifically determines the prices of product at each different time based on the information of the market and the seller. Due to the discrepancies among industries, different companies usually choose different pricing strategies. Some companies, such as airlines and hotels, often change their prices dynamically in order to meet the fast varying demands of the market. On the other hand, since a frequent price change may incur high expenses, other companies prefer relatively less dynamic pricing strategies. For example, supermarkets and wholesale companies often divide the entire selling season into multiple periods. Prices remain fixed within each period but are subject to changes across different periods.
520 $a In this thesis, we study a pricing problem similar to those faced by supermarkets and wholesale companies. In particular, we study a two-step markdown pricing problem where the entire selling season is divided into a regular period followed by a sales period. The seller is a monopoly who sells a fixed amount of product with no inventory replenishment. Customers with different valuations flow into the store according to independent Poisson processes. Before the start of the selling season, the seller reveals the regular price and the sales price to the public. During the regular period, each arriving customer must decide if he/she should purchase the product immediately at the regular price, reserve the product at the sales price or leave. Customers are assumed to be strategic so that they will take the other customers' behavior into account when making decisions. Therefore, all customers are engaged in a competitive game. Under the complete information setting, we prove the existence of a unique subgame perfect equilibrium among the customers and the equilibrium is a customer-class-based time threshold policy. By utilizing the structural properties of the policy, we further develop an algorithm to compute the optimal revenue of the seller. Our numerical experiments under different market situations indicate that such a reservation-based pricing scheme may significantly outperform a previously proposed markdown scheme without the reservation channel. We argue that this is primarily due to a time-dependent asymmetry in customer behavior induced by the reservation option, which allows the seller to discriminate customers more effectively and therefore resulting in higher revenue.
590 $a School code: 0771.
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650 4 $a Applied mathematics. $3 2122814
650 4 $a Management. $3 516664
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710 2 $a State University of New York at Stony Brook. $b Applied Mathematics and Statistics. $3 1684041
773 0 $t Dissertation Abstracts International $g 79-12B(E).
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793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10816789