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- W2912703950 abstract "Inventory commitment and monetary compensation have been widely recognized as effective marketing strategies in monopoly settings when customers concern about stock-outs. To attract more customer traffic, a firm reveals its inventory availability information to customers before the sales season, or offers monetary compensation to placate customers if the product is out of stock. In this study, we seek to integrate the newsvendor and Hotelling models to investigate these two strategies when retailers compete on both price and inventory availability. We develop a game-theoretic framework to analyze the strategic interactions among the retailers and customers and draw the following insights. First, both inventory commitment and monetary compensation would lead to a prisoner's dilemma. Although these strategies are preferred regardless of the competitor's price and inventory decisions, the equilibrium profit of each retailer could be lower in the presence of inventory commitment or monetary compensation, they both would intensify the competition between the retailers. Second, contrary to the common wisdom, we find that market competition may hurt social welfare by reducing the product availability under equilibrium. The inventory commitment and monetary compensation strategies further intensify the competition between the retailers, therefore causing an even lower social welfare. Our study implies that, although inventory commitment and monetary compensation improve the retailer profit and social welfare under monopoly, these strategies should be used with caution under competition." @default.
- W2912703950 created "2019-02-21" @default.
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- W2912703950 date "2018-01-01" @default.
- W2912703950 modified "2023-09-28" @default.
- W2912703950 title "Competition on Inventory Availability and Price Under Customer Heterogeneity" @default.
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- W2912703950 doi "https://doi.org/10.2139/ssrn.3292199" @default.
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