pricing problem when some returns in good condition can be resold in the selling season. To study the impact of product … returns and guide sellers to adjust pricing policies, we build a product returns model by augmenting the classic monopolist …'s dynamic pricing framework. We show that the return dynamics can complicate the problem by making it generally not Markovian …

with regard to these probabilities. Accounting for ambiguity in asset pricing theory results in a model with two systematic …Asset pricing models assume that probabilities of future outcomes are known. In reality, however, there is ambiguity …