The value of modeling with reference effects in stochastic inventory and pricing problems
作者：
Highlights：
• We analyze a periodic-review inventory system under reference effects.
• The random demand is dependent on the price and the reference price.
• We show that high dependence on a good history increases the profit.
• The firm that ignores the dynamic structure suffers from the revenue.
• The firm loses profit if it cannot recognize the existence of reference effects.
摘要
•We analyze a periodic-review inventory system under reference effects.•The random demand is dependent on the price and the reference price.•We show that high dependence on a good history increases the profit.•The firm that ignores the dynamic structure suffers from the revenue.•The firm loses profit if it cannot recognize the existence of reference effects.
论文关键词：Reference price effect,Inventory,Pricing,Dynamic programming,Simulation
论文评审过程：Available online 21 June 2013.
论文官网地址：https://doi.org/10.1016/j.eswa.2013.06.009
