We derive an optimal strategy for minimizing the expected loss in two-period economy when a pivotal decision needs to be made during the first time period and cannot be subsequently reversed. Our interest in the problem has been motivated by the classical shopper's dilemma during the Black...

With the rise of the sharing economy, more and more retailers have begun to join the e-commerce platform to expand sales channels. As an important means to improve consumer retention, the membership system is widely used in major e-commerce platforms. In this paper, we develop a research...