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dc.contributor.authorLee, EunMi 14:59:31 (GMT) 14:59:31 (GMT)
dc.description.abstractThis study develops a dynamic pricing model with a quality substitutable product, taking into account strategic and myopic consumers. In each of the two periods, the firm can choose between offering a high quality product, a low quality product or both and the corresponding price for the product. Strategic consumers compare current utility with future utility in order to decide the time of purchase and the quality of the product in an attempt to maximize their utilities. Myopic consumers consider only current utility in purchasing of the products. We generate scenarios, prove whether a scenario is feasible and which scenario produces the best profit for the firm. Our result suggests that the firm obtains the best profit when it provides only high quality products in each of the two periods. In other words, the firm does not have to offer quality substitution as intertemporal substitution suffices to maximize the expected profit.en
dc.publisherUniversity of Waterlooen
dc.subjectstrategic consumeren
dc.subjectmyopic consumeren
dc.subjectproduct substituteen
dc.subjectintertemporal pricingen
dc.titleDynamic Pricing in The Presence of Strategic Consumer with Product and Intertemporal Substitutionen
dc.typeMaster Thesisen
dc.subject.programManagement Sciencesen Sciencesen
uws-etd.degreeMaster of Applied Scienceen

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