Trade‐in for Cash or for Upgrade? Dynamic Pricing with Customer Choice
Trade‐in for Cash or for Upgrade? Dynamic Pricing with Customer Choice
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DOI：
10.1111/poms.13140
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发表时间：
2019-12
影响因子：
5
通讯作者：
Yongbo Xiao;Sean X. Zhou
中科院分区：
文献类型：
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作者：
Yongbo Xiao;Sean X. Zhou
手机等电子产品的以旧换新计划越来越受欢迎。这些计划针对的是寻求抢救或升级旧设备的客户（我们称之为“讨价还价者”）。有两种广泛采用的以旧换新选项：以旧换新和以旧换新。在本研究中，我们考虑一家提供两种以旧换新选项（即混合以旧换新计划）的公司，以获取旧产品，然后翻新和转售它们，以及在有限销售期内的新产品。讨价还价者选择交易其产品的选项，而新客户则决定是购买新产品还是翻新产品。当新产品的销售价格是外生的时，我们得出旧产品的最优以旧换新价格和翻新产品的转售价格。我们表明，最佳的以旧换新和转售政策是门槛型的，并且仅在销售范围的早期阶段才应提供以旧换新的保费退款（与以旧换新相比）。我们进一步考虑上述基本模型的两个变体。在第一次扩展中，新产品具有固定数量的初始库存，并且在销售期内无法补充。在第二次延期中，新产品的价格也可以由企业决定。我们的数值结果表明，混合以旧换新计划可以比仅升级或仅现金以旧换新计划产生更多的利润。
Trade‐in programs for electronics products, e.g., mobile phones, have been increasingly popular. These programs target at customers (we call them “bargainers”) who seek to salvage or upgrade their old devices. There are two widely adopted trade‐in options: trade‐in‐for‐upgrade and trade‐in‐for‐cash. In this study, we consider a firm who offers both trade‐in options, that is, a hybrid trade‐in program, to acquire old products, then refurbishes and resells them, together with new product over a finite selling horizon. The bargainers choose which option to trade in their products while new customers decide whether to buy a new product or a refurbished one. When the selling price of new product is exogenous, we derive the optimal trade‐in prices of old product and resale price of refurbished product. We show that the optimal trade‐in and resale policies are of a threshold‐type and trade‐in‐for‐upgrade should be offered with a premium refund (compared to trade‐in‐for‐cash) only in early periods of the selling horizon. We further consider two variants of the above base model. In the first extension, the new product has a fixed amount of initial inventory and is not replenishable during the selling horizon. In the second extension, the new product price can also be determined by the firm. Our numerical results demonstrate that the hybrid trade‐in program could generate significantly more profit than either upgrade‐only or cash‐only trade‐in program.