Optimal Pricing of Two Successive-Generation Products with Trade-in Options under Uncertainty
Optimal Pricing of Two Successive-Generation Products with Trade-in Options under Uncertainty
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DOI：
10.1111/deci.12139
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发表时间：
2015-06
期刊：
影响因子：
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通讯作者：
Rui Yin;Hongmin Li;Christopher S. Tang
中科院分区：
文献类型：
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作者：
Rui Yin;Hongmin Li;Christopher S. Tang
为了吸引消费者购买当前产品和下一代产品，许多制造商和零售商提供以旧换新计划，允许第一代产品的购买者以旧换新并以较低的价格购买新一代产品。通过考虑“前瞻性”的消费者和企业之间的相互作用时，以旧换新计划提供，我们分析了一个两阶段的动态博弈，以确定两个连续一代产品的最优价格在均衡，并检查在何种条件下，以旧换新计划是有利于企业。我们的模型结合了市场异质性（第一代产品的估值在消费者群体中存在差异）、产品不确定性（新产品的增量价值在推出之前是不确定的）和消费者的前瞻性行为（消费者在做出购买决策时会考虑未来产品的估值和价格）。对于折价交易，我们表明消费者愿意支付高于他们对当前产品的估值的价格。此外，当（i）当前产品的耐用性高;（ii）市场异质性低;或（iii）新产品的不确定性水平（或预期增量值）高时，以旧换新计划对公司更有利。最后，当新产品的增量价值不确定时，消费者更愿意购买现有产品，因为以旧换新计划的“期权”价值，因此在这种情况下，以旧换新计划对企业更有利。
To entice consumers to purchase both current and next generation products, many manufacturers and retailers offer trade-in programs that allow buyers of the first generation product to trade-in the product and purchase the new generation product at a lower price. By considering the interactions between “forward-looking” consumers and a firm when a trade-in program is offered, we analyze a two-period dynamic game to determine the optimal prices of two successive-generation products in equilibrium, and examine the conditions under which trade-in programs are beneficial to the firm. Our model incorporates market heterogeneity (valuation of the first generation product varies among the consumer population), product uncertainty (the incremental value of the new product is uncertain before its introduction), and consumers' forward-looking behavior (consumers take future product valuation and prices into consideration when making purchasing decisions). With the trade-in option, we show that consumers are willing to pay a price that is higher than their valuations of the current product. Furthermore, trade-in programs are more beneficial to the firm when: (i) the durability of the current product is high; (ii) the market heterogeneity is low; or (iii) the uncertainty level (or the expected incremental value) of the new product is high. Finally, when the incremental value of the new product is more uncertain, consumers are more willing to purchase the current product because of the “option” value of the trade-in programs and thus trade-in programs can be more beneficial to the firm in this case.