HIGHLIGHTS
- who: Toomas Hinnosaar„ et al. from the (UNIVERSITY) have published the Article: Robust Pricing with Refunds, in the Journal: (JOURNAL)
- what: The authors show that the seller can use a simple mechanism to best take advantage of the buyer's post-purchase learning to maximize his guaranteed-profit. The authors show that mechanism combines a generous refund which performs well when the buyer is relatively informed with non-refundable random discounts which work well when the buyer is relatively uninformed. The authors show that the worst-case distribution arises as an equilibrium of a game . . .
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