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The Effects of Price Elasticity Dynamics on a Firm’s Profit | ||
| Interdisciplinary Journal of Management Studies (Formerly known as Iranian Journal of Management Studies) | ||
| مقاله 6، دوره 4، شماره 1 - شماره پیاپی 645103، خرداد 2011، صفحه 101-114 اصل مقاله (246 K) | ||
| شناسه دیجیتال (DOI): 10.22059/ijms.2011.23447 | ||
| نویسندگان | ||
| Ali Jazayeri1؛ Narjes Jazayeri2 | ||
| 1M.S. From Department of Industrial Engineering, Sharif University of Technology, Tehran, Iran | ||
| 2B.S from Department of Management, University of Tehran, Tehran, Iran | ||
| چکیده | ||
| This paper studies the dynamic behavior of price elasticity and its effects on the overall profit. Although price elasticity has a significant effect on sales, its dynamics have not been examined so far in pricing models. In this paper, a simple pricing model is suggested in which, price elasticity is considered dynamic. The suggested pricing model is concerned with a monopolist that its objective is to maximize profit by determining the optimal price. Dynamics of price elasticity is described by a quadratic model, with product lifetime as the single dependent variable. By solving the model using the theory of optimal control, a system of differential equations is obtained which can be used to find the optimal price trajectory. Finally, an example is provided to show how the dynamic behavior of price elasticity can influence the firm's overall profit. | ||
| کلیدواژه‌ها | ||
| Dynamic Behavior of Price Elasticity؛ Dynamic pricing؛ Learning Effects؛ Optimal Control. | ||
| عنوان مقاله [English] | ||
| The Effects of Price Elasticity Dynamics on a Firm’s Profit | ||
| نویسندگان [English] | ||
| Ali Jazayeri1؛ Narjes Jazayeri2 | ||
| چکیده [English] | ||
| This paper studies the dynamic behavior of price elasticity and its effects on the overall profit. Although price elasticity has a significant effect on sales, its dynamics have not been examined so far in pricing models. In this paper, a simple pricing model is suggested in which, price elasticity is considered dynamic. The suggested pricing model is concerned with a monopolist that its objective is to maximize profit by determining the optimal price. Dynamics of price elasticity is described by a quadratic model, with product lifetime as the single dependent variable. By solving the model using the theory of optimal control, a system of differential equations is obtained which can be used to find the optimal price trajectory. Finally, an example is provided to show how the dynamic behavior of price elasticity can influence the firm's overall profit. | ||
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