This study analyzes the production and pricing strategy of a monopoly firm in the presence of the snob effect, whereby consumers value a product more when its availability is lower. Real-world firms often intentionally cause the snob effect by strategically reducing supply quantities or even causing shortages. This observation suggests the existence of a trade-off between utilizing the snob effect and avoiding opportunity costs. We consider a general multiperiod model in which a monopoly firm determines the dynamic paths of price and sales quantity; although consumers are not forward looking, they evaluate past stockouts with a discount factor. We find that the optimal dynamic paths of the price and output level vary depending on the degree of consumer sensitivity to stockouts, the consumer's discount factor on past shortage, and the firm's discount factor on future profit. Nevertheless, the total profit monotonically increases with the degree of consumer sensitivity to stockouts.

中文翻译：

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存在势利效应时的动态生产和定价决策

本研究分析了存在势利效应时垄断企业的生产和定价策略，即当产品的可用性较低时，消费者更重视产品。现实世界中的公司经常通过战略性地减少供应量甚至造成短缺来故意造成势利效应。这一观察表明在利用势利效应和避免机会成本之间存在权衡。我们考虑一个一般的多期模型，其中垄断企业决定价格和销售量的动态路径；尽管消费者没有前瞻性，但他们会以折扣系数来评估过去的缺货情况。我们发现价格和产出水平的最优动态路径取决于消费者对缺货的敏感程度、消费者对过去短缺的折扣因子以及公司的' s 未来利润的贴现因子。然而，总利润随着消费者对缺货的敏感程度而单调增加。