Optimal Pricing for both Money-back and Low-price Guarantees in Retail Markets: A Real-Option Approach

同時考慮退款保證與最低價保證之最適產品訂價：實質選擇權觀點

羅烈明(Lieh-Ming Luo) ； 許和鈞(Her-Jiun Sheu) ； 李志偉(Chih-Wei Lee) ； 李慧慈(Hui-Tzu Lee)

《管理學報》 33卷4期 (2016/12) Pp. 617-637

https://doi.org/10.6504/JOM.2016.33.04.04

摘要

Both money-back guarantee (MBG) and low-price guarantee (LPG) are frequently implemented in retailing practice since the put options characteristics embedded in these two guarantees could positively influence consumer behavior. Retailers generally provide LPG to consumers to hedge the ＂price risk＂ while MBG is used for hedging the ＂risk of perceived products-value＂. Although a large proportion of retail stores offer both MBG and LPG at the same time, the valuation of them are usually calculated separately. Assuming a stochastic value process to describe uncertainties of the underlying variable, an applicable pricing model to value these two guarantees using real-option approach is proposed. One distinguishing feature of this study is to incorporate MBG and LPG simultaneously With the proposed pricing model, the option values of MBG and LPG could be derived and the relationship between these two guarantees could be further clarified. Numerical analyses are conducted to demonstrate various scenarios and management implications are provided to assist retailers to price MBG and LPG. It is shown that the nature of MBG and LPG could capture upside potential value as well as mitigate downside risk exposure.

關鍵字

Money-back guarantee ； Low-price guarantee ； Product pricing ； Real options

並列摘要

在零售業，退款保證與最低價保證已是降低消費者認知風險以提昇消費者產品認知價值的常見方法，理論上，此二項保證可視為廠商賦予消費者的二項賣權。本研究試圖以實質選擇權評價方法，建立一個同時考慮此二項保證（賣權）的評估模式。實務上，廠商經常同時採用上述二項保證以求更有效降低消費者產品認知風險，然而諸多文獻僅針對單一保證進行探討，對於同時考慮此兩項賣權之價值評估研究卻付之闕如，此外，二者具有明顯不同的特性，並在某些情況下具有互斥性，因而提高了建構評估模型的困難與價值。本研究透過理論模型推導及數值分析，釐清此二項保證在不同條件下的價值及其交互影響關係，研究結果可提供廠商產品訂價與消費者認知價值分析之參考。

並列關鍵字

退款保證 ； 最低價保證 ； 產品訂價 ； 實質選擇權

參考文獻

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