Consumers' risk attitude and price discrimination

[[abstract]]本論文主要探討，獨佔廠商在消費者具有需求不確定性與風險趨避的情況下，如何使用菜單定價(menu pricing)的方式，達成差別取價的目的。本文利用了平均變異(mean-variance)模式定義消費者的預期效用函數，利用此方式去找出廠商的最適訂價模式。 本文探討兩種形式的菜單訂價行為，分別為:(1)可退商品與不可退商品;(2)預售商品與現售商品。我們分別探討兩種菜單的利潤關係、價格比較與社會福利大小。本文發現，廠商使用預售商品與現售商品之組合下，社會福利及廠商利潤皆要大過使用可退商品與不可退商品之組合，因此認為廠商使用預售商品與現售商品之組合，對於廠商利潤與社會福利是較佳的。至於價格比較方面，得到不可退商品與預售商品隨著消費者不確定性越低，其售價會越高;另一方面發現可退商品的價格與消費者不確定性沒有一個單調關係存在。[[abstract]]This paper shows how a monopolistic firm uses menu pricing to practice price discrimination when consumers face demand uncertainty and are risk averse. To this end, this paper uses mean-variance utility form to define consumers’ expected utility, and look for the optimal decision for the firm. This paper discusses two forms of menu pricing: 1) the menu with refundable goods and non-refundable goods; 2) the menu with advanced sale good and spot sale good. We compare menu pricing, menu profits, and social welfare between two these two menus. We find that the menu with advanced sale good and spot sale good leads to a higher seller’s profit as well as higher social welfare than the other menu.As for optimal pricing, we find that the price of advanced sale and non-refundable goods always decrease with consumers’demand uncertainty. By contrast, the price of the refundable goods has a non-monotonic relationship with consumers’ demand uncertainty.[[note]]碩