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BEGIN:VEVENT
DTSTAMP:20260504T192723Z
DTSTART;VALUE=DATE-TIME:20230504T160000
DTEND;VALUE=DATE-TIME:20230504T173000
SUMMARY:CRETA Seminar - Dirk Bergemann (Yale)
TZID:Europe/London
UID:20230504-8a1785d883adf4250183c1438bfb392f@warwick.ac.uk
CREATED:20230428T075242Z
DESCRIPTION:Title: Cost Based Nonlinear Pricing with Tibor Heumann\, Pont
 ificia Universidad Católica de Chile\, tibor.heumann@uc.cl. Stephen Morr
 is\, Massachusetts Institute of Technology\, semorris@mit.edu Abstract: 
 How should a monopolist offer quantity or quality differentiated product
 s if they have no information about the distribution of demand and must 
 price based on cost conditions alone? Specifically\, we consider a monop
 olist who cares about the "profit guarantee" of a pricing rule\, that is
 \, the minimum ratio value of expected profits to expected surplus for a
 ny distribution of demand. We show that the profit guarantee is maximize
 d by setting the price markup over marginal cost equal to (describe) fun
 ction of elasticity. We provide profit guarantees (and associated mechan
 isms) that the seller can achieve across all possible distributions of w
 illingness to pay of the buyers. With a constant elasticity cost functio
 n\, constant markup pricing provides the optimal revenue guarantee acros
 s all possible distributions of willingness to pay and the lower bound i
 s attained under a Pareto distribution. We characterize how profits and 
 consumer surplus vary with the distribution of values and show that Pare
 to distributions are extremal. We also provide a revenue guarantee for g
 eneral cost functions. We establish equivalent results for optimal procu
 rement policies that support maximal surplus guarantees for the buyer gi
 ven all possible cost distributions of the sellers.
LOCATION:S2.79
CATEGORIES:CRETA Seminar
LAST-MODIFIED:20230428T075242Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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