The strategy is designed for dynamic pricing and inventory control of a two-echelon supply chain, which has a monopoly retailer who sell products to customers with anchoring effect. With anchoring effect of the consumer decision-making model, reference price of customers is relation to demand and dynamic price. The model of dynamic pricing and inventory control is built, and then the model with discount factor is considered. In addition, the inventory backlog in the supply chain is investigated. The numerical result shows that consumers determine their best time to purchase according to the change of market price, and the retailer's expected revenne will be increased with the extension of sale hours.
SONG Hong-fang, RAN Lun, CHU Hong-rui, ZHANG Wen-si
. Dynamic Pricing and Inventory Control with Anchoring Effect[J]. Chinese Journal of Management Science, 2015
, 23(4)
: 123
-128
.
DOI: 10.16381/j.cnki.issn1003-207x.2015.04.015
[1] Bitran G, Caldentey R. An overview of pricing models for revenue management[J]. Manufacturing & Service Operations Management, 2003, 5(3):203-229.
[2] 刘晓峰, 徐贤浩. 消费者策略行为视角下短生命周期产品的定价机制研究[J]. 中国管理科学, 2011, 19(4):152-158.
[3] 李豪, 熊中楷, 彭志强. 竞争环境下基于顾客策略行为的易逝品动态定价研究[J]. 中国管理科学, 2011, 19(2):88-98.
[4] Petruzzi N C, Dada M. Pricing and the newsvendor problem:A review with extensions[J]. Operation Research, 1999, 47(2):183-194.
[5] Chen Xin, Simchi-Levi D. Coordinating inventory control and pricing strategies with random demand and fixed ordering cost:The infinite horizon case[J]. Manufacturing & Service Operations Management, 2004a, 29(3):698-723.
[6] Chen Xin, Simchi-Levi D. Coordinating inventory control and pricing strategies with random demand and fixed ordering cost:The finite horizon case[J]. Operation Research, 2004b, 52(6):887-896.
[7] Chen Xin, Simchi-Levi D. Coordinating inventory control and pricing strategies with random demand and fixed ordering cost[J]. Manufacturing & Service Operations Management, 2003, 5(1):59-62.
[8] Chen Wen, Katehakis M, Fleischhacker A. Dynamic pricing and inventory control in a dual market environment[R]. Working Paper, The University of Texas, 2012.
[9] Yang Nan, Zhang P R. Dynamic pricing and inventory management under inventory-dependent demand[R]. Working Paper, Washington University, 2013.
[10] Bertsimas D, de Boer S. Dynamic pricing and inventory control for multiple products[J]. Journal of Revenue and Pricing Management, 2005, 3(4):303-319.
[11] Tversky A, Kahneman D. Judgment under uncertainty:Heuristics and biases[J]. Science, 1974, 185(4157):1124-1131.
[12] Popescu I, Wu Yaozhong. Dynamic pricing strategies with reference effects[J]. Operations Research, 2007, 55(3):413-429.
[13] Nasiry J, Popescu I. Dynamic pricing with loss-averse consumers and peak-end anchoring[J]. Operations Research, 2011, 59(6):1361-1368.
[14] Baucells M, Weber M, Welfens F. Reference-point formation and updating[J]. Management Science, 2011, 57(3):506-519.
[15] 卜祥智, 许垒, 赵泉午. 考虑货主价格参照效应的海运运力合同定价策略[J]. 管理科学学报, 2012, 15(2):28-36.
[16] Zhang Juan, Gou Qinglong, Liang Liang, et al. Supply chain coordination through cooperative advertising with reference price effect[J]. Omega, 2013, 41(2):345-353.
[17] Liu Qian, Shum S. Pricing and capacity rationing with customer disappointment aversion[J]. Production and Operations Management, 2013, 22(5):1269-1286.
[18] Greenleaf E A. The impact of reference price effects on the profitability of price promotions[J]. Marketing Science, 1995, 14(1):82-104.
[19] Fibich G, Gavious A, Lowengart O. Explicit solutions of optimization models and differential games with nonsmooth (asymmetric) reference-price effect[J]. Operations Research, 2003, 51(5):721-734.
