TY - BOOK ID - 40137068 TI - Joint Pricing and Inventory Control under Reference Price Effects. PY - 2009 SN - 3631753802 3631589131 9783631753804 PB - Frankfurt a.M. : Peter Lang GmbH, Internationaler Verlag der Wissenschaften, DB - UniCat KW - Production & quality control management KW - Purchasing & supply management KW - Analytical Analysis KW - Control KW - Dynamic Programming KW - Effects KW - Gimpl KW - Heersink KW - Integrated Pricing and Inventory Models KW - Inventory KW - Joint KW - Price KW - Pricing KW - Reference KW - Stochastic Demand Models KW - under KW - Management. KW - Production standards. KW - Purchasing KW - Output standards KW - Standards of output KW - Time production standards KW - Work standards KW - Industrial management KW - Labor productivity KW - Standardization KW - Administration KW - Industrial relations KW - Organization UR - https://www.unicat.be/uniCat?func=search&query=sysid:40137068 AB - In this work, we address the problem of simultaneously determining a pricing and inventory replenishment strategy under reference price effects. This reference price effect models the fact that consumers not only react sensitively to the current price, but also to deviations from a reference price formed on the basis of past purchases. Immediate effects of price reductions on profits have to be weighted against the resulting losses in future periods. By providing an analytical analysis and numerical simulations we study how the additional dynamics of the consumers’ willingness to pay affect an optimal pricing and inventory control model and whether a simple policy such as a base-stock-list-price policy holds in such a setting. ER -