A GAME THEORETIC APPROACH FOR PRICING OF TWO SUBSTITUTE PRODUCTS WITH SPECIFIED PRICE OF ONE MAIN COMPLEMENTARY PRODUCT

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RASTI BARZOKI M.

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Journal: INDUSTRIAL ENGINEERING & MANAGEMENT SHARIF (SHARIF: ENGINEERING) Year:2019 | Volume:34-1 | Issue:2/1 Page(s): 13-20

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Title

A GAME THEORETIC APPROACH FOR PRICING OF TWO SUBSTITUTE PRODUCTS WITH SPECIFIED PRICE OF ONE MAIN COMPLEMENTARY PRODUCT

Author(s)

RASTI BARZOKI M. | Issue Writer Certificate

Keywords

PricingQ1

substitute productsQ1

nash equilibrium and game theoryQ1

Abstract

Today's business has rapidly changed and has become more competitive. In today's world, existing the competitors is an undeniable rule; therefore, for any manufacturer, appropriate decision making requires taking into account the competitors and their policy decisions. In today's competitive market, Pricing is one of the important decisions for the success of a company. So, assessing the impacts of Pricing strategies on demand and profit is very important. On the other hand, product Pricing is one of the most important decisions and a strategic problem for manufacturers that is affected by Pricing decisions made by the other producers. In the non-cooperative games, each member is a separate economic entity that makes its operational decisions independently. The Nash game is an equal power game. In this paper, for the first time, the Pricing problem for two substitute products in the present of one main complementary product is studied and Nash equilibrium prices have been introduced as well as demand and profit functions. After comparing the equilibrium prices, demand and profits, the effects of some important parameters on prices, demand and profit are addressed. The results show that the equilibrium prices of the complements products could be less or greater than the main complementary product price in comparison with each other. The threshold of this change has been provided. The parametric analysis shows that the increasing of the main complementary product price increases the related manufacturer profit with decreasing rate and ultimately reduce the own manufacturer profit. The threshold of this change is, also, calculated. Finally, a numerical example is presented and the results discussed. The numerical example verified the analytical results. This research can be expanded from some aspect such as 1) Considering a supply chain with three manufacturers and retailers. 2) Considering dynamic Pricing and using differential game theory for solving and addressing it. 3) Considering other decisions such as inventory and lot sizing to it.

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APA: Copy

RASTI BARZOKI, M.. (2019). A GAME THEORETIC APPROACH FOR PRICING OF TWO SUBSTITUTE PRODUCTS WITH SPECIFIED PRICE OF ONE MAIN COMPLEMENTARY PRODUCT. INDUSTRIAL ENGINEERING & MANAGEMENT SHARIF (SHARIF: ENGINEERING), 34-1(2/1 ), 13-20. SID. https://sid.ir/paper/107728/en

Vancouver: Copy

RASTI BARZOKI M.. A GAME THEORETIC APPROACH FOR PRICING OF TWO SUBSTITUTE PRODUCTS WITH SPECIFIED PRICE OF ONE MAIN COMPLEMENTARY PRODUCT. INDUSTRIAL ENGINEERING & MANAGEMENT SHARIF (SHARIF: ENGINEERING)[Internet]. 2019;34-1(2/1 ):13-20. Available from: https://sid.ir/paper/107728/en

IEEE: Copy

M. RASTI BARZOKI, “A GAME THEORETIC APPROACH FOR PRICING OF TWO SUBSTITUTE PRODUCTS WITH SPECIFIED PRICE OF ONE MAIN COMPLEMENTARY PRODUCT,” INDUSTRIAL ENGINEERING & MANAGEMENT SHARIF (SHARIF: ENGINEERING), vol. 34-1, no. 2/1 , pp. 13–20, 2019, [Online]. Available: https://sid.ir/paper/107728/en

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