Demand Uncertainty and Returns Policies
研究制造商在需求不确定时是否接受经销商退货，发现需求来源（顾客到达或产品估值）的不确定性对退货决策有不同影响，退货会提高零售价并压缩经销商利润。
Manufacturers facing uncertain demand may induce distributors to carry ample stocks of their products by agreeing to accept returns of unsold goods for credit. The authors model the manufacturer's decision to accept returns, showing that this decision depends crucially on the nature of the demand uncertainty. Uncertainty over customer arrivals favors returns, while uncertainty over consumers' valuation of the manufacturer's product leads distributors to set retail prices too high (from the manufacturer's standpoint) when returns are allowed. The authors show that returns can be expected to raise retail prices, while maintaining shrinking distributor margins. Copyright 1995 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.