Decision Sciences
7 years ago

Price strategies in business simulations: Luck, not strategy, determines success.

Developments in Business Simulation and Experiential Learning
Do Price Strategies Work In Business Simulations
Kenneth R. Goosen

Paper Summary

Related papers

Business, Management and Accounting
8 years ago

Retailers Mimic Each Other in Pricing, Leading to Sticky Prices.

Economic Analysis
Macroeconomic Analysis
Monetary Models
2 views
Business, Management and Accounting
4 years ago

Price matching leads to lower prices and benefits consumers in competitive markets.

Economic Analysis
Public Finance
Market Dynamics
3 views
Economics, Econometrics and Finance
4 years ago

Price Guarantees Fuel Collusion, Undermine Consumer Savings

Market Dynamics
Economic Analysis
Two-Sided Markets
3 views

The article tested four different price strategies in theoretical experiments to see which one would work best in different demand situations. The strategies were: increasing price, decreasing price, keeping price the same, and following the leader. The experiments showed that without knowing the demand details, choosing a winning strategy was mostly a matter of luck.