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- W2022608748 abstract "A well-known concept in the marketing literature is that consumers use prices paid in the past or the current market price as a reference point to assess the value of the current price of an item. These 'reference prices' have been shown to have a significant impact on a consumer's purchase decision and a resulting influence on the selling firm's demand of the item. Recently, considerable research has been conducted on coordinated pricing and inventory decisions; however, very little has recognised the existence of reference prices. Thus, a single-period model is developed that incorporates the effects of reference prices, demand uncertainty and price elasticity on the solution. Numeric analysis indicates that accounting for reference prices can have a substantial impact on the pricing and inventory decisions and the resultant profitability, made by a firm." @default.
- W2022608748 created "2016-06-24" @default.
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- W2022608748 date "2008-01-01" @default.
- W2022608748 modified "2023-09-26" @default.
- W2022608748 title "Coordinating pricing and inventory decisions under reference price effects" @default.
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- W2022608748 doi "https://doi.org/10.1504/ijmtm.2008.015975" @default.
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