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Chapter 11 Pricing Models In Marketing

V. R. Rao
Published 1993 · Economics, Computer Science

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Publisher Summary This chapter brings together a set of diverse efforts in the recent literature on the modeling of price decisions and related questions in marketing. There has been an impressive growth in the array of topics investigated in the literature. Various trends in the development of pricing models are evident from the foregoing review. First, one trend has been to develop theoretical models to describe observed pricing strategies in the marketplace and to derive conditions under which certain strategies are optimal. This trend is clearly evident when one considers the area of dynamic pricing models. Another trend is an attempt to develop pricing models in which certain aspects of consumer behavior (e.g asymmetric response to price increases versus price decreases) are incorporated. This development is quite recent and does offer a large potential. A third dominant direction is the use of game-theoretic models for developing equilibrium pricing strategies.
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