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首页> 外文期刊>IEEE transactions on industrial informatics >Dynamic Pricing and Risk Analytics Under Competition and Stochastic Reference Price Effects
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Dynamic Pricing and Risk Analytics Under Competition and Stochastic Reference Price Effects

机译：竞争和随机参考价格影响下的动态定价和风险分析

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摘要

This paper investigates the pricing strategy of firms in the context of uncertain demand. In particular, there are two factors that affect demand dynamics, the influence of reference prices and the price of the competition. In the monopoly case, pricing policy is affected by reference-price effects and in the duopoly case, both competitive pricing and reference-price effects are present. In each case, the optimal price paths are derived and simulated. The implications of uncertainty are analyzed by comparing the deterministic policy with the stochastic policy. The random variations in price paths are investigated to provide a risk analysis for firms that work in such market conditions. With the advent of the big data era, information about consumers and competitors gives firms a greater control over uncertainty than ever before. Simulations will demonstrate that firms can lower the volatility of their price path if they gather and process this information. Furthermore, the feedback forms of the optimal price path are derived in both the absence and the presence of both competition and reference-price effects. In general, the impact that demand uncertainty has over the firm’s pricing strategy is determined by a combination of the firm’s discount rate, demand uncertainty, and demand-side/cost-side dynamics.
机译：本文研究了需求不确定情况下的企业定价策略。特别是，有两个因素会影响需求动态，即参考价格和竞争价格的影响。在垄断情况下，定价政策受参考价格效应的影响，而在双重垄断情况下，竞争定价和参考价格效应都存在。在每种情况下，都会推导并模拟最佳价格路径。通过比较确定性策略和随机策略来分析不确定性的含义。研究价格路径中的随机变化，以便为在这种市场条件下工作的公司提供风险分析。随着大数据时代的到来，有关消费者和竞争对手的信息使公司比以往任何时候都更能控制不确定性。模拟将表明，如果公司收集和处理此信息，则可以降低其价格路径的波动性。此外，在不存在和存在竞争和参考价格效应的情况下，都可以得出最优价格路径的反馈形式。一般而言，需求不确定性对企业定价策略的影响取决于企业的折现率，需求不确定性以及需求方/成本方动态。

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