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SUMMARY:Dr. Nicholas Petruzzi\, Penn State
DESCRIPTION: \n\nProfessor Petruzzi’s research explores the economic impl
 ications of\nuncertainty within the primary focus areas of operations and 
 supply\nchain management\, pricing\, and stochastic inventory theory. His 
 work\nappears in various academic field journals including Operations\nRes
 earch\, Management Science\, Manufacturing & Service Operations\nManagemen
 t\, Production and Operations Management\, Naval Research\nLogistics\, IIE
  Transactions\, Decision Sciences\, European Journal of\nOperations Resear
 ch\, and International Journal of Production\nEconomics.\n\nAbstract: We s
 tudy optimal retail pricing for a stylized distribution\nchannel in which 
 a single product is sold to a market characterized by\nbargain-hunting con
 sumers\, where bargain hunting is a notion that\nrefers to the propensity 
 of some consumers to extract psychological\nbenefit from the purchase of 
 a given item that is posted at a\ndiscounted price. In particular\, we der
 ive a price and discount\ndependent retail demand function from first pri
 nciples by developing\na consumer utility function that incorporates both 
 economic and\npsychological utility effects associated with a posted sell
 ing price\nthat is explicitly discounted from a posted list price. Within 
 that\ncontext\, we analytically explore the retailer’s trade-off betwee
 n\nposting a selling price without an accompanied list price and posting\n
 a selling price that is coupled with\, and explicitly discounted from\,\na
  higher list price\, and we determine the retailer’s optimal\none-point 
 versus two-point pricing strategy accordingly. We then\nanalyze the effec
 ts of wholesale pricing\, manufacturer suggested\nretail pricing\, and dem
 and uncertainty on the optimal strategy and\ncorresponding split of channe
 l profits.\n 
DTSTART:20180405T173000Z
DTEND:20180405T190000Z
LOCATION:Gerri C. LeBow Hall\, 3220 Market Street\, 722\, Philadelphia\, PA
  19104
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