Managerial utility‐maximizing operating decisions under compound demand risk
作者:
Frederick H. Deb. Harris,
Richard L. Dennis,
期刊:
Managerial and Decision Economics
(WILEY Available online 1985)
卷期:
Volume 6,
issue 1
页码: 19-26
ISSN:0143-6570
年代: 1985
DOI:10.1002/mde.4090060105
出版商: John Wiley&Sons, Ltd.
数据来源: WILEY
摘要:
AbstractThis paper examines the demand and cost conditions under which utility maximizing pricing‐risk and advertising‐risk relationships are determinate. The structure of the firm's demand uncertainty captures both uncertain customer arrivals and uncertain individual customer demand. In addition to standard demand restrictions and constant marginal cost, determinate results depend upon the degree of managerial risk‐aversion, the correlation between individual demand and customer arrival disturbances, the firm's cost fixity, and bounded product differentiation effects of advertising. The symmetry between price‐cuts and advertising as demand‐increasing costs is extensively examined; firm equilibrium requires that price‐cuts not be an inferior input for increa
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