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- W2553039563 abstract "Dynamic pricing policies with reference-price demand have been intensely analysed. Less studied are dynamic quality policies with reference-quality demand. This article studies the dynamic quality policy of a firm whose consumers use a reference point in their decision-making, in line with the principles of behavioural economics. More specifically, I consider reference quality formation in an optimal control setting. By solving on the basis of Pontryagin’s maximum principle, I obtain analytical solutions to the optimal quality policy. The managerial implications of quality reference for dynamic quality policy are discussed." @default.
- W2553039563 created "2016-11-30" @default.
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- W2553039563 date "2016-11-22" @default.
- W2553039563 modified "2023-09-30" @default.
- W2553039563 title "Dynamic quality policies with reference quality effects" @default.
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- W2553039563 doi "https://doi.org/10.1080/00036846.2016.1254345" @default.
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