Retail Pricing and Clearance Sales
构建模型解释零售商如何随时间调整价格，初始高价后逐步降价，并预测初始价格和降价速度取决于市场厚度、橱窗购物者比例等可观测特征。
Sellers of new products are faced with having to guess demand conditions to set price appropriately. But sellers are able to adjustprice over time and to learn from past mistakes. Additionally, it is not necessary that all goods be sold with certainty. It is sometimes better to set a high price and to risk no sale. This process is modeledto explain retail pricing behavior and the time distribution of transactions. Prices start high and fall as a function of time on theshelf. The initial price and rate of decline can be predicted and depends on thinness of the market, the proportion of customers who are"window shoppers, " and other observable characteristics. Copyright 1986 by American Economic Association.