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Optimal pricing based on customers perceived values of products

  • School of Management, University of Science and Technology of China, Hefei 230026, China

Cite this: JUSTC, 2015, 45(6): 507-516
https://doi.org/10.3969/j.issn.0253-2778.2015.06.012
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  • Received Date: March 30, 2015
  • Revised Date: May 26, 2015
  • Accepted Date: May 26, 2015
  • Published Date: June 29, 2015
    Abstract
  • Different customers attach different perceived values to the same products. And a customer chooses a firm based on such a difference in perceived values and his rational expectation of the firms product availability. In a monopoly market, a firms optimal quantity and product availability increase with its optimal price. Due to the non-monotonicity of distribution density from customers perceived values, a firms local optimal price is not necessarily equal to its global optimal price. In a competitive market with n firms, the pure Nash equilibrium result was solved and its uniqueness proved. When n is finite, firms may adopt different optimal prices, and all firms achieve the same optimal profit expect in two special conditions. However, when n is infinite, all firms share a same optimal profit in equilibrium.
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