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<p>We consider the dynamic pricing problem of a seller who cannot pre-commit to future price path. In the case when buyers are time-inconsistent, we compare the revenue-maximizing price path of the seller with a benchmark case of time-consistent buyers. We show that under time-inconsistency, the buyers falsely believe that they will be more patient in future and decide to buy at a later period. So the seller has to lower the initial period prices and reduce prices more slowly over time in order to induce the buyers to buy earlier.</p>

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Revenue Management for Strategic Buyers with Time-Inconsistency

  • 期刊论文

  • 发表日期：

    2025年5月16日

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  • Shraman Banerjee

摘要

We consider the dynamic pricing problem of a seller who cannot pre-commit to future price path. In the case when buyers are time-inconsistent, we compare the revenue-maximizing price path of the seller with a benchmark case of time-consistent buyers. We show that under time-inconsistency, the buyers falsely believe that they will be more patient in future and decide to buy at a later period. So the seller has to lower the initial period prices and reduce prices more slowly over time in order to induce the buyers to buy earlier.