Decision Biases in Revenue Management: Some Behavioral Evidence

• 成果类型: Article
• 署名作者: Bearden, J. Neil; Murphy, Ryan O.; Rapoport, Amnon
• 署名单位: INSEAD Business School; Columbia University; University of Arizona
• 刊物名称: M&SOM-MANUFACTURING & SERVICE OPERATIONS MANAGEMENT
• ISSN/ISSBN: 1523-4614
• DOI: 10.1287/msom.1080.0229
• 发表日期: 2008
• 页码: 625-636
• 关键词: Behavioral Operations; revenue management; Dynamic pricing; decision bias; heuristics

摘要

We study a problem of selling a fixed number of goods over a finite and known horizon. After presenting a procedure for computing optimal decision policies and some numerical results of a simple heuristic policy for the problem, we describe results from three experiments involving financially motivated subjects. The experiments reveal that decision makers employ decision policies of the same form of the optimal policy. However, they show systematic biases to demand too much when they have many units to sell and too little when they have few to sell, resulting in significant revenue losses.