Speaker: ZENG Chenhang, Shan Dong University
Host: ZHANG Lan Associate professor, RIEM
Time: 2:30--4:00pm, May 30, Friday
Venue: 颐德楼H513, Liulin Campus
Abstract:
We study advance selling in a model with a capacity constraint for the seller and in the presence of both consumer heterogeneity and demand uncertainty. Buyers face different levels of uncertainty about their valuations in the advance selling period: one group (called informed buyers) knows their individual valuations while the other group (called uninformed buyers) only know the distribution of their valuations. We find that the seller’s optimal pricing strategy depends on his capacity size as well as the size of informed buyers. For a small capacity size, the Constant Price strategy with the highest possible price is adopted. For sufficiently large capacity sizes, both Advance Purchase Discount and Advance Purchase Premium strategies may be optimal. In general, the larger the size of informed buyers the more likely an Advance Purchase Premium strategy is adopted.
About the speaker: Dr. ZENG Chenhang obtained his Ph.D. degree in 2012 from University of Missouri-Columbia, USA. He is an assistant professor at Research Center for Games and Economic Behavior, Shandong University. His research areas are industrial organization and microeconomic theory. His papers appear in journals such as Pacific Economic Review. 曾辰航2012年获美国密苏里－哥伦比亚大学(University of Missouri-Columbia)经济学博士学位，现为山东大学博弈和经济行为研究中心助理教授。主要研究方向为产业组织、微观经济理论。论文发表在Pacific Economic Review等期刊上。
