Invest in Information or Wing It? A Model of Dynamic Pricing with Seller Learning
Abstract
Pricing products such as used cars, houses, and artwork is often challenging, because each item is unique, and the seller, ex ante, lacks information about the demand for individual items. This paper develops a dynamic pricing model for products with significant item-specific demand uncertainty, in which a forward-looking seller learns about the item-specific demand through an initial assessment, as well as during the selling process. The model...
Paper Details
Title
Invest in Information or Wing It? A Model of Dynamic Pricing with Seller Learning
Published Date
Dec 1, 2019
Journal
Volume
65
Issue
12
Pages
5556 - 5583
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