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BEGIN:VEVENT
DTSTAMP:20260624T114936Z
DTSTART;VALUE=DATE-TIME:20140109T143000
DTEND;VALUE=DATE-TIME:20140109T154500
SUMMARY:DR@W Forum: Florian Artinger (ÌÇÐÄTV ÌÇÐÄTV School)
TZID:Europe/London
UID:20140109-8a1785d77b065d9b017b5dc5cb4d1f4e@warwick.ac.uk
CREATED:20131112T111859Z
DESCRIPTION:Florian Artinger\, joint work with Gerd Gigerenzer Pricing in
  an Uncertain Market Do firms use a heuristic strategy when setting pric
 es? Many markets are inherently uncertain environments arising from the 
 interaction between evaluating consumer’s willingness to pay\, strategic
  considerations\, and market volatility. Simon (1955)\, in his foundatio
 nal article on bounded rationality proposes that in such environments fi
 rms employ a simple heuristic in the form of an aspiration level strateg
 y to set prices. The use of such a strategy would imply that markets are
  characterized by price stickiness and price dispersion. In this paper w
 e empirically investigate Simon’s proposition by analysing the pricing s
 trategies of used car dealers who operate in a competitive and highly tr
 ansparent market. Pricing data from an online market shows that the majo
 rity of 748 car dealers follow the principles of aspiration-adaptation\,
  rather than competitive\, state-dependent pricing. Interviews with deal
 ers in the high-competitive segment of the market eliminate alternative 
 theoretical accounts of price stickiness. We show that a pricing strateg
 y with an initially high aspiration level and an intermediate time inter
 val leads to higher profit than alternative strategies used in the marke
 t. Download Flyer
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CATEGORIES:Draw Forum
LAST-MODIFIED:20210819T093725Z
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