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Money - back guarantees / Bruce McWilliams in Management science, Vol. 58 N° 8 (Août 2012) 

Public ISBD [article]  in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1521-1524 Titre : Money - back guarantees : Helping the low - quality retailer Type de document : texte imprimé Auteurs : Bruce McWilliams, Auteur Année de publication : 2012 Article en page(s) : pp.1521-1524 Note générale : Management Langues : Anglais (eng) Mots-clés : Marketing  Retailing  and  wholesaling  Competitive  strategy  Product  policy Résumé : Existing literature, based on signaling theory, suggests that money-back guarantees (MBGs) will be utilized by high-quality firms, where high quality is defined as a low likelihood of product return. However, in today's world, MBGs are ubiquitous among major retailers, even when the likelihood of product return varies greatly between them. To understand this phenomenon, we explore a competitive environment between high- and low-quality retailers where consumers are fully informed and risk neutral, and retailers realize a salvage value for returned products. When MBGs are profitable, under continuous demand it is Nash equilibrium for both retailers to offer MBGs, and the low-quality retailer gains while the high-quality retailer loses relative to when MBGs are not offered. In contrast, if demand is lumpy, retailers can act monopolistically over their respective market segments, allowing both retailers to gain from MBGs, although the low-quality retailer still gains more. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1521.short [article] Money - back guarantees : Helping the low - quality retailer [texte imprimé] / Bruce McWilliams, Auteur . - 2012 . - pp.1521-1524. Management Langues : Anglais (eng) in Management science > Vol. 58 N° 8 (Août 2012) . - pp.1521-1524 Mots-clés : Marketing  Retailing  and  wholesaling  Competitive  strategy  Product  policy Résumé : Existing literature, based on signaling theory, suggests that money-back guarantees (MBGs) will be utilized by high-quality firms, where high quality is defined as a low likelihood of product return. However, in today's world, MBGs are ubiquitous among major retailers, even when the likelihood of product return varies greatly between them. To understand this phenomenon, we explore a competitive environment between high- and low-quality retailers where consumers are fully informed and risk neutral, and retailers realize a salvage value for returned products. When MBGs are profitable, under continuous demand it is Nash equilibrium for both retailers to offer MBGs, and the low-quality retailer gains while the high-quality retailer loses relative to when MBGs are not offered. In contrast, if demand is lumpy, retailers can act monopolistically over their respective market segments, allowing both retailers to gain from MBGs, although the low-quality retailer still gains more. ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/58/8/1521.short