机构投资者的最优变现策略

在投资、变现等大宗交易过程中,资产交易价格与交易策略密切相关,因此,交易的完成过程需要很高的技巧.文章讨论了机构投资者的最优变现策略问题,假设证券价格服从几何布朗运动,以均值方差效用为目标函数,得到了最优变现策略所满足的二阶微分方程,并由差分法得到其数值解.最后,由参数的敏感性分析知:最优变现策略与瞬时冲击、市场波动率及风险厌恶系数等参数有关,但与永久冲击无关,且最优变现策略对市场波动率和瞬时冲击的变化较敏感.     

远视型创新企业最优定价研究

当创新者为远视型的条件下,在产品生命周期的不同阶段面对不同类型的模仿者时,创新者应制定的最优产品价格,同时探讨了当升级换代产品进入市场时,原始产品退出市场或者不退出市场的情况下升级换代产品进入市场的最优时间.通过研究表明,远视型价格将为创新者带来更多的总利润,且创新者产品的远视型最优价格的变化趋势与其相关参数和初始条件有关;与短视型价格下原始产品第一阶段的瞬时利润率的对比发现在累积销售量相同的情况下,远视型价格策略的瞬时利润率小于短视型价格策略的瞬时利润率.     

机构投资者的最优持仓策略研究

讨论了机构投资者的最优持仓策略问题,假设证券价格服从几何布朗运动,以均值方差效用为目标函数,得到了最优持仓策略所满足的二阶微分方程,并由差分法得到其数值解.最后,由参数的敏感性分析知:最优持仓策略与瞬时冲击、市场波动率及风险厌恶系数等参数有关,并分析了参数变化对最优持仓策略的影响.     

考虑策略性消费者受不确定性社交影响的双渠道定价策略研究

随着互联网等新兴技术的发展,消费者对产品的价格追踪以及学习更加便利,其购买决策也会受到其他参与者决策的影响.消费者根据产品的上市价格和清仓时的可获得性决策购买时间,这种自身策略等待及受外部他人社交影响的行为加剧了市场需求的不确定性.承诺定价与差价补偿定价策略能有效地缓解消费者的策略等待行为,但相对动态定价策略缺少灵活性与便利性.因此文章研究零售商在动态定价、承诺定价、差价补偿定价策略中的选择问题.运用消费者偏好理论、博弈论和最优化理论求解各种模型的最优解及存在条件,进一步探讨消费者学习能力和社交影响对最优解的影响.结论表明,当消费者学习能力大于一定水平时,零售商应选择差价补偿定价,否则承诺定价为最优选择;消费者的学习能力增加了实体渠道的最优零售价和零售商整体利润,但降低了线上渠道的最优价格:社交影响有利于双渠道最优价格和零售商最优利润的增加.最后通过数值分析验证了上述模型的有效性和可靠性.     

供应中断下最优分配和应急采购策略的比较

最优分配采购策略和应急采购策略被广泛应用于供应中断风险管理中,基于最优分配采购策略和应急采购策略,研究了由两个制造商与两个零售商组成的两级供应链在供应中断下的订购和生产决策问题,给出了最优订购和最优生产策略.通过数值例子就可靠性如何影响制造商的最优价格和利润进行了比较.结果表明:随着可靠性的增加,两个制造商的最优价格呈递减态势,且制造商A的递减幅度小于制造商B的递减幅度;当可靠性低于0.3时,制造商A的最优价格低于制造商B的最优价格,当可靠性高于0.3时,制造商A的最优价格高于制造商B的最优价格.随着可靠性的增加,制造商A的利润呈递减态势,制造商B的利润呈递增态势;当可靠性低于0.8时,制造商A的利润高于制造商B的利润,当可靠性低高于0.8时,制造商A利润低于制造商B的利润.     

网络服务中基于流量的定价策略

本文分析了网络服务中带宽的类似公共产品使用和ISP与顾客间主从博弈，导致拥塞，接着证明基于流量的定价策略较之固定定价策略更能控制网络拥塞，随后在基于流量的定价策略下，分析了垄断的市场中社会总福利达不到最优，ISP间的竞争会增加顾客效用，最后指出社会总福利达到最优时的价格是一影子价格。     

基于碳交易的闭环供应链碳减排与定价策略研究

在消费者对低碳产品存在偏好的碳交易市场中,研究两级闭环供应链中的减排与定价决策问题.对于制造商负责回收模式下的回收再制造过程,采用指数分布来刻画废旧产品质量水平的不确定性.假设新产品和再制造品存在竞争关系,建立制造商和零售商间的Stackelberg博弈模型,给出制造商确定减排投资和回收参考价格以及零售商决定两种产品的差别定价策略,通过算例分析回收产品的残值和碳交易价格对最优策略和供应链成员利润的影响.研究表明,为了获得利润最大,当碳交易的市场价格升高时,制造商应加大减排投资,且零售商应采取提高产品零售价的策略.     

一种电子商务环境下耐用品的动态定价模型与策略

针对电子商务环境下消费者对价格歧视的抗拒问题,以及耐用品生命周期长、产品需求依赖于时间、价格等特点,提出了一种动态定价模型与策略。该模型通过构造转移概率矩阵,推导出在线消费者浏览到耐用品的不同价格状态下的概率,接着根据消费者多阶段效用函数分析消费者的购买决策行为,进而给出零售商利润达到最大化时的最优定价策略集合。为了验证模型与策略的有效性,通过数值模拟实验,分析模型主要参数变化对最优定价策略的影响。研究发现当效用折扣因子越高,零售商应该降低促销频率和高价格并且提高低价格,从而诱导高端消费者在高价格购买产品。折扣效用因子大小还决定了网上零售商是否要隐藏自己的促销概率。     

考虑流量局部变化与转移的移动App价格促销广告策略研究

随着移动App市场中消费者流量的不断增加，越来越多的广告主选择在移动App市场中投放价格促销广告。本文分析了当移动App市场中的流量分别发生局部变化或相互转移时，广告主应如何制定其最优促销广告定价与最优广告投放水平。我们首先假设市场不完全覆盖的情境，结果表明：(1)在广告主的局部市场与竞争市场中的流量发生局部变化下，广告主的产品定价与广告投放水平和竞争市场大小、竞争市场流量大小以及局部市场流量大小有关；(2)当流量在局部市场与竞争市场之间相互转移时，广告主还需考虑原市场中流量的大小来调整其价格促销广告策略；(3)当局部市场的流量大小不相等时，本文也为处于流量优势或劣势的广告主提供了相应的最优产品定价与广告投放水平策略的指导。本研究为移动App环境下网络营销企业广告策略的制定提供了理论参考。     

两阶段供应链联合服务定价决策和渠道策略

探讨了垂直整合、纳什整合、制造商Stackelberg以及零售商Stackelberg四个渠道策略中两阶段供应链的均衡行为.研究在服务水平同时决定和按顺序决定服务水平两种情况下四个渠道策略价格和服务水平策略的决定.将零售商的价格以及制造商和零售商的服务水平构建了一个确定性需求函数,探讨不同的渠道策略中制造商和零售商的最优配置.结果表明,垂直整合主导了其他策略,代表了最高的服务水平.研究结果为供应链成员最优服务水平以及渠道选择提供参考.     

Interactions of competing manufacturers’ leader-follower relationship and sales format on online platforms

Currently, manufacturers can sell products on e-tailers’ online platforms through agency sales format or reselling format. However, how to choose the best sales formats has puzzled competing manufacturers in practice. The main purpose of this paper is to answer this problem by considering the combined effects of manufacturers’ leader-follower relationships, the e-tailer’s referral fees, the difference in products’ substitutable degrees and the difference in products’ market bases. Our results show that, if demand functions are linearly price-dependent, when two manufacturers sell substitutable products on the same e-tailer’s online platform, the e-tailer’s best action is always to let both manufacturers adopt reselling format; regardless of one manufacturer’s sales format, the other manufacturer always prefers agency sales format, which are independent of the e-tailer’s referral fees, the difference in two products’ substitutable degrees and the difference in two products’ market bases. Whether demand functions are linear or nonlinear in retail prices, the e-tailer’s best action is to let both manufacturers whose products are symmetric adopt reselling format; no matter what sales format one manufacturer adopts, the other manufacturer always prefers agency sales format, which are independent of the two manufacturers’ leader-follower relationships. Moreover, if two manufacturers adopt same sales format to sell symmetric products, leader role enables a manufacturer to charge higher optimal wholesale/retail price when demand functions are linear in retail prices, but the two products have equal optimal wholesale/retail prices regardless of the two manufacturers’ leader-follower relationships when demand functions are nonlinear in retail prices.     

Joint pricing and procurement of substitutable products with random demands – A technical note

Single-period joint pricing and procurement of substitutable products entails one time procurement and pricing decisions for substitutable products that face price dependent stochastic demands. Recently, Karakul and Chan [Karakul, M., Chan, L., 2008. Analytical and managerial implications of integrating product substitutability in the joint pricing and procurement problem. European Journal of Operational Research 190, 179–204] considered this problem for two one-way substitutable products. Authors model the demands for each product in the well known additive form, where the mean demands are linear functions of the price of the high grade new product plus an additive stochastic noise term. By assuming that the noise term for the low grade existing product follows a general discrete distribution and the noise term for the high grade product follows a general continuous distribution, authors are able to show the unimodality of the expected profit function with respect to the procurement quantities and the price of the new product. In this paper, we extend this result to the case where the noise term in the demand of the low grade product follows a general continuous distribution as well.     

The implications of costs, capacity, and competition on product line selection

We consider a situation in which a manufacturer has to select the product(s) to sell as well as the selling price and production quantity of each selected product. There are two substitutable products in the consideration set, where product 2 has a higher quality and reservation price than that of product 1. By considering the cannibalization effect that depends on the selling price of each product, the manufacturer needs to evaluate the profit function associated with three different product line options: sell both products or only one of the 2 products. In order to examine the impact of costs, capacity, and competition on the optimal product line selection, optimal price, and optimal production quantity analytically, we present a stylized model in this paper so that we can determine the conditions under which a particular option is optimal.     

需求不确定情形下采用延迟定价的延迟生产系统最优生产决策

本文在考虑采用延迟生产的大规模定制企业能够实施延迟定价的环境下,建立了需求不确定情形下关于替代产品的延迟生产模型(企业在需求不确定的情况下生产通用中间产品,等待需求出现后再按客户需求定制最终产品并定价销售)和无延迟生产模型(企业在需求不确定的情况下按预测直接生产最终产品,等待需求出现后再定价并销售),通过对模型的推理分析,给出了企业采用延迟生产策略的适用条件以及当采用延迟生产策略时通用中间产品单位生产成本、延迟定制成本、产品之间的替代性、客户需求的方差和相关性与通用中间产品的最优生产数量和利润之间的关系,为企业在决策是否采用延迟生产策略以及通用中间产品生产数量提供理论支持。     

Inventory decisions for a finite horizon problem with product substitution options and time varying demand

The inventory control of substitutable products has been recognized as a problem worthy of study in the operations management literature. Product substitution provides flexibility in supply chain management and enhances response time in production control. This paper proposes a finite horizon inventory control problem for two substitutable products, which are ordered jointly in each replenishment epoch. Demand for the products are assumed to be time–varying. In case of a stock–out for one of the products, its demand is satisfied by using the stock of the other product. The optimal ordering schedule, for both products, that minimizes the total cost over a finite planning horizon is derived. Numerical examples along with sensitivity analyses are also presented.     

单向可替代产品价格和库存的联合决策

考虑单周期问题中零售商同时销售两种可单向替代的产品,以期望利润为目标函数建立数学模型.将库存和替代价格共同作为零售商决策变量,证明其目标函数是凹函数,并得到求模型最优解的充要条件及解存在的范围.最后假设产品需求为正态分布,通过数值实验对模型的最优解进行分析,结果表明:实行最优替代价格策略可以有效提高零售商期望利润;允许替代销售不一定提高市场服务水平;被替代产品的销售价格和残值对零售商的最优替代价格决策没有显著影响.     

Optimal inventory replenishment strategy for deteriorating items in a demand-declining market with the retailer’s price manipulation

Due to rapid technological innovation and global competitiveness, the demand of many fashion-typed products usually decline significantly over time. A retailer facing such a market can employ replenishment strategies to increase its profit. This study, from the perspective of the retailer in a two-echelon supply chain, develops the optimal replenishment strategy for products experiencing deterioration, continuous decrease in market demand and price changes. This model help determine the optimal product life for products. Numerical examples are systematically conducted to verify the performances of the proposed model.     

基于在线评论的多个竞争制造商和零售商的产品定价策略

在线评论作为一种产品信息传播载体,越来越受到网上电商及消费者的重视,并在很大程度上影响消费者的购买决策。本文在多个竞争性制造商为在线零售商提供可替代性产品并通过零售商销售给网络消费者的电子商务环境下,研究在线评论信息如何影响网络消费者购买决策及在线零售商和制造商的定价策略。以neo-Hoteling模型为基础,构建了依赖零售渠道在线评论的消费者选择模型,并通过模型求解定量分析了二级供应链结构分散系统下在线评论对多个竞争性制造商及零售商最优决策的影响。得到当制造商基于评论制定最优定价策略时,在线评论对市场竞争强度没有影响,但决定潜在市场大小;各产品的均衡批发价及销售价按一定的比例随评论揭示的该产品与其他产品质量均值之差(正或负)增加或减少,评论信息通常会使制造商因好评而获利,由于评论增加了不同产品需求的不对称性,零售商因而具有更大的调价空间,往往通过提高(降低)占据有利(不利)评论的产品价格获得更高的利润。     

Two-period dynamic versus fixed-ratio pricing in a capacity constrained duopoly

This paper analyzes the impact of dynamic and fixed-ratio pricing policies on firm profits and equilibrium prices under competition. Firms that have equal inventories of perfectly substitutable and perishable products compete for customer segments that demand the product at different times. In each period, customers first purchase from the low price firm and then from the high price firm up to their inventories, provided the prices are lower than the maximum they are willing to pay. The main conclusions of this paper are as follows: although dynamic pricing is a more sophisticated policy than fixed-ratio pricing, it may lead to decreased equilibrium profits; under both pricing policies, one firm assumes the role of a low-cost high-output firm while the other assumes the role of a high-cost low-output firm; and, the supply demand ratio has more impact on the outcome of the competition than the heterogeneity in consumer reservation prices.     

基于制造商资金有约束的替代产品的最优生产决策

考虑一个单周期的生产决策模型,在该模型中有一个制造商生产两种可替代的产品.面对随机的市场需求,制造商要在需求到来之前制定出两种产品的生产决策来最大化自己的期望利润.在制造商的资金有、无约束两种情形下,证明了制造商的收益函数的期望是关于两种产品生产数量的凹函数,探讨了资金的约束以及产品的替代给制造商的生产决策所带来的影响,给出了最优生产数量的若干性质.另外,针对需求分布为均匀分布的特殊情形给出了制造商最优生产决策的简单表达形式.