Dynamic pricing with stochastic reference effects based on a finite memory window
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DOI: 10.1080/00207543.2016.1221160
Abstract: Inspired by the latest empirical studies, we propose a new updating model for reference prices by assuming that consumers’ memories are limited and their recall of previous prices obeys a first-order Markov stochastic process. We… read more here.
Keywords: memory window; reference effects; reference; dynamic pricing ... See more keywords
Dynamic Pricing with Parametric Demand Learning and Reference-Price Effects
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DOI: 10.3390/math11102387
Abstract: In reality, sellers face challenges in obtaining perfect demand information. Demand is influenced not only by price but also by behavioral factors such as reference effects, which complicate optimal pricing for enterprises. To address this… read more here.
Keywords: dynamic pricing; demand learning; demand; reference effects ... See more keywords