主讲人：清华大学经济管理学院 肖勇波 教授
报告题目：Markdown or Trade-up? Incentives to Induce Early Purchase in the Presence of Product Rollover
报告摘要：In the presence of frequent product rollovers, customers face the strategic behavior of choosing between buying the current product (the "old” product) or waiting for a future upgraded product (the "new" product). Besides, customers may become impatient and renege during the waiting process. This paper investigates two demand management options that have potential in inducing early purchase from customers under product rollover. With the "markdown" option, the seller offers a discount for the old product as time approaches to the release of the new product. With the "Trade-up" option, the seller sells a unit of the old product together with the promise of upgrading to a new product when it is released. Starting from the choice behavior of customers, we study the optimal dynamic pricing decisions involved in three strategies: the markdown only, the trade-up only, and the hybrid strategies. Structural properties with respect to time are investigated and numerical experiments are conducted to compare the performance of different strategies. Furthermore, we study an extended model in which the old product can only be produced/procured prior to the selling horizon and cannot be replenished during the selling process. Following a revenue management framework, we study the structural properties for the profit function and optimal prices with respect to varying inventory levels.
Bio:Yongbo Xiao is a Professor (with tenure) at School of Economics and Management, Tsinghua University, China. He received his Ph.D. and M.A. in Management Science and Engineering in 2006, and B.E. in Management Information Systems in 2000, all from Tsinghua University. He joined Tsinghua SEM as an assistant professor in Aug. 2008 after he completed his postdoctoral research in Department of Economics in Tsinghua SEM. He was awarded the “Science Fund for Excellent Young Scholar” under National Natural Science Foundation of China (NSFC) in 2012 and the “Young Scholar Award of Chinese Management Science” in 2014. He was elected as a Chang Jiang scholar in 2016. Dr. Xiao’s research interests include revenue and pricing management, service management, supply chain management, and healthcare management. His research papers have appeared in international journals including Production and Operations Management, Decision Sciences, Naval Research Logistics, and IIE Transactions.