Dynamic monopoly pricing and herding
研究垄断卖家在买家相互学习购买行为时的动态定价策略，发现卖家会通过补贴学习来促进信息揭示，但长期会导致买家羊群行为。
This paper studies dynamic pricing by a monopolist selling to buyers who learn from each other’s purchases. The price posted in each period serves to extract rent from the current buyer, as well as to control the amount of information transmitted to future buyers. As information increases future rent extraction, the monopolist has an incentive to subsidize learning by charging a price that results in information revelation. Nonetheless in the long run, the monopolist generally induces herding by either selling to all buyers or exiting the market.