Dynamic Pricing with Strategic Customers

Zeitschrift für Betriebswirtschaft (ZfB) | Journal of Business Economics (JBE), Volume 83, Issue 5, pp 505-549

37 Pages Posted: 4 Jan 2012 Last revised: 21 Sep 2014

See all articles by Jochen Gönsch

Jochen Gönsch

University of Duisburg-Essen - Mercator School of Management

Robert Klein

University of Augsburg

Michael Neugebauer

University of Augsburg - Department of Analytics & Optimization

Claudius Steinhardt

Bundeswehr University Munich

Date Written: September 21, 2012

Abstract

This paper provides an overview of the literature on dynamic pricing with strategic customers. In the past, research on dynamic pricing was mostly concerned with optimally pricing products over time in a market with myopic customers. In recent years, the consideration of strategic customers, who can delay a purchase to take advantage of a future discount, has dramatically increased. This paper’s main contribution is the development of a comprehensive classification scheme to structure the field of research and, based upon this, a systematic overview of all relevant papers. We then present in detail the various aspects considered in the literature together with their motivation from industry and state the major findings of the most relevant papers. Further attention is given to important problem extensions proposed in the literature that have been considered in only a few papers and are usually motivated by specific practical applications. Finally, promising directions for future research are indicated.

Keywords: Dynamic Pricing, Strategic Customers, Optimization

JEL Classification: M19

Suggested Citation

Gönsch, Jochen and Klein, Robert and Neugebauer, Michael and Steinhardt, Claudius, Dynamic Pricing with Strategic Customers (September 21, 2012). Zeitschrift für Betriebswirtschaft (ZfB) | Journal of Business Economics (JBE), Volume 83, Issue 5, pp 505-549, Available at SSRN: https://ssrn.com/abstract=1979477 or http://dx.doi.org/10.2139/ssrn.1979477

Jochen Gönsch (Contact Author)

University of Duisburg-Essen - Mercator School of Management ( email )

Lotharstraße 65
Duisburg, Nordrhein-Westfalen 47057
Germany
+49 203 379 - 2777 (Phone)
+49 203 379 - 1760 (Fax)

HOME PAGE: http://udue.de/goensch

Robert Klein

University of Augsburg ( email )

Universitätsstr. 2
Augsburg, 86159
Germany

Michael Neugebauer

University of Augsburg - Department of Analytics & Optimization ( email )

Universitätsstraße 2
Augsburg, 86135
Germany
+49 821 598 - 4017 (Phone)
+49 821 598 - 4226 (Fax)

HOME PAGE: http://www.wiwi.uni-augsburg.de/bwl/klein/team/neugebauer/

Claudius Steinhardt

Bundeswehr University Munich ( email )

Werner-Heisenberg-Weg 39
Neubiberg, 85577
Germany

HOME PAGE: http://www.unibw.de/quantitative-methoden

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