Periodic pricing of seasonal products in retailing
Periodic pricing of seasonal products in retailing
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DOI：
10.1287/mnsc.43.1.64
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发表时间：
1997-01-01
影响因子：
5.4
通讯作者：
Mondschein, SV
中科院分区：
文献类型：
--
作者：
Bitran, GR;Mondschein, SV
本文研究了零售商店销售季节性产品时的跨期定价策略。我们首先提出一个连续时间模型，其中卖家将随机到达的客户与产品的不同估价联系起来。对于该模型，我们将最优定价策略描述为时间和库存的函数。我们使用该模型作为基准，比较考虑定期定价审核的更现实的模型。我们表明，本例中最优定价政策的结构与实践中观察到的程序是一致的；零售商店在旺季期间陆续对产品进行打折，并在计划期限结束时进行清仓促销。我们还表明，当选择适当数量的审查时，实施定期定价审查而不是连续政策所经历的损失很小。我们的分析得出了一些有趣的经济见解。例如，新产品需求的不确定性会导致价格上涨、折扣加大以及未售出库存增加。最后，我们研究了宣布的折扣政策对价格和利润的影响。我们表明，采用这种策略的商店通常会设定价格，使得商品很有可能在第一阶段售出，并且很少发生最大的折扣。
This paper studies intertemporal pricing policies when selling seasonal products in retail stores. We first present a continuous time model where a seller laces a stochastic arrival of customers with different valuations of the product. For this model, we characterize the optimal pricing policies as functions of time and inventory. We use this model as a benchmark against which we compare more realistic models that consider periodic pricing reviews. We show that the structure of the optimal pricing policies in this case is consistent with the procedures observed in practice; retail stores successively discount the product during the season and promote a liquidation sale at the end of the planning horizon. We also show that the loss experienced when implementing periodic pricing reviews instead of continuous policies is small when the appropriate number of reviews is chosen. Several interesting economic insights emerge from our analysis. For example, uncertainty in the demand for new products leads to higher prices, larger discounts, and more unsold inventory. Finally, we study the effect of announced discount policies on prices and profits. We show that stores that have adopted this type of strategy usually set prices such that with high probability the merchandise is sold during the first periods and the largest discounts rarely take place.