Dynamic policies with reference price effects and reference quality effects  

作　　者：Bo Chen 

机构地区：[1]School of Management,Hefei University of Technology,Hefei,Anhui,230009,China

出　　处：《Journal of Management Science and Engineering》2025年第1期68-96,共29页管理科学学报(英文版)

基　　金：supported by the National Natural Science Foundation of China(Grant No.71001031,72101073);the Specialized Research Fund for the Doctoral Program of Higher Education of China(Grant No.20100111120015);the Special Foundation for Young Talents in Higher Education Institutions of Anhui Province,China(Grant No.2009SQRZ011).

摘　　要：Reference-dependent consumer preferences have been a central focus in economics,marketing,and operations management.However,existing literature predominantly concentrates on the effects of a single reference point.This study expands the framework to include both reference price and reference quality,motivated by anecdotal evidence demonstrating their interactive roles in consumer purchase decisions.This study develops a double reference-dependent demand model that clarifies how these two factors influence a monopolist's optimal control policies within a continuous,finite-time optimization framework.The results indicate that penetration-pricing strategies are optimal when initial consumer reference levels are low,while skimming strategies are preferable when reference levels are high.A high-price and high-quality policy is optimal under conditions of small reference price effects,large reference quality effects,or high-quality investment efficiency.In contrast,a low-price and low-quality policy is ideal in scenarios with large reference price effects,small reference quality effects,or low-quality investment efficiency.Additionally,a high-price and low-quality policy proves optimal when customers exhibit poor memory or when the firm's discount rate is low.Conversely,a low-price and highquality policy is optimal when customers have good memory or when the firm's discount rate is high.

关 键 词：Dynamic policies Behavioral OR Reference point effects Optimization 

分 类 号：F274[经济管理—企业管理]