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- Title
SHOULD WE OPT FOR THE BLACK FRIDAY DISCOUNTED PRICE OR WAIT UNTIL THE BOXING DAY?
- Authors
Jiang Wu; Zitikis, Ričardas
- Abstract
We derive an optimal strategy for minimizing the expected loss in a two-period economy when a pivotal decision needs to be made during the first time period and cannot be subsequently reversed. Our interest in the problem has been motivated by the classical shopper’s dilemma during the Black Friday promotion period, and our solution crucially relies on the pioneering work of McDonnell and Abbott on the two-envelope paradox.
- Subjects
DECISION theory; BLACK Friday (Retail trade); PRICE discrimination; GAME theory; CONDITIONAL probability; SALES promotion
- Publication
Mathematical Scientist, 2017, Vol 42, Issue 1, p1
- ISSN
0312-3685
- Publication type
Article