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Related Experiment Video

Updated: May 25, 2026

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

Published on: January 9, 2016

Numerical solution of a conspicuous consumption model with constant control delay.

Tony Huschto¹, Gustav Feichtinger, Richard F Hartl

¹Interdisciplinary Center for Scientific Computing, University of Heidelberg, Germany.

Automatica : the Journal of IFAC, the International Federation of Automatic Control

|January 24, 2012

Summary

This summary is machine-generated.

This study reveals optimal pricing strategies for luxury goods during economic downturns. Delayed pricing strategies during recessions lead to higher prices, while delayed pricing in normal times results in lower prices.

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Last Updated: May 25, 2026

Measuring Delay Discounting in Humans Using an Adjusting Amount Task

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Published on: January 9, 2016

Errors as a Means of Reducing Impulsive Food Choice

Errors as a Means of Reducing Impulsive Food Choice

Published on: June 5, 2016

Area of Science:

Economics
Operations Research
Marketing

Background:

Conspicuous consumption products face unique challenges during economic recessions.
Pricing strategies must account for economic uncertainty and time delays.

Purpose of the Study:

To derive optimal pricing strategies for conspicuous consumption products during recessions.
To analyze the impact of uncertainty and delay effects on these pricing strategies.

Main Methods:

Formulated a two-stage economic optimal control problem.
Employed a structure-exploiting direct method for optimal control.
Utilized scenario trees to discretize uncertainties and slack control functions for delays.

Main Results:

Numerical results demonstrate the approach's validity.
Delayed optimal prices are higher during recessions compared to non-delayed prices.
Delayed optimal prices are lower during normal economic periods compared to non-delayed prices.

Conclusions:

Uncertainty and delay effects significantly impact optimal economic pricing strategies.
The findings provide valuable insights for pricing luxury goods in fluctuating economic conditions.